Krona Advances as Ingves Unmoved by Strength: Stockholm MoverStephen Treloar and Johan Carlstrom
Sweden’s krona strengthened to a six-month high against the euro after Riksbank Governor Stefan Ingves signaled he was little concerned about its strength.
The krona gained as much as 0.36 percent against the euro to 8.2996, the highest level since Aug. 29, and was up 0.33 percent as of 10:42 am in Stockholm. It appreciated 0.9 percent versus the dollar to 6.369 and climbed against all major currencies in a basket compiled by Bloomberg.
The level of the krona is “not in any way remarkable,” Ingves said in a hearing in the Swedish parliament today. The krona is about at the level it ought to be, he said.
Sweden’s krona has appreciated over the past month after economic data have suggested Sweden’s recovery is gaining pace and as policy makers have signaled they won’t interfere with gains in the krona. Swedish consumer confidence improved for a second month in February while seasonally adjusted unemployment held at 8 percent in January.
The Citigroup Economic Surprise Index for Sweden rose to 90.7 yesterday from a negative 1.4 Jan. 28, according to pricing compiled by Bloomberg. A positive reading indicates that economic releases have on balance beat consensus.