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Forex News: Swedish Krona Drops To 5-day Low Against Euro

Swedish Krona Drops To 5-day Low Against Euro After Riksbank Decision

07/04/2017 - 05:03:00 (RTTNews)

(RTTNews) - The Swedish Krona weakened against the euro in early European deals on Tuesday, after the Riksbank left its repo rate unchanged and maintained the purchase of its bond purchase program.

The Executive Board decided to hold the repo rate unchanged at ?0.50 percent. The decision was in line with economists' expectations.

The bank said it will continue the purchase of government bonds in the second half of 2017, so that total asset purchases will amount to SEK 290 billion at the end of the year.

The Swedish Krona fell to a 5-day low of 9.6976 against euro, compared to Monday's closing value of 9.6472. If the Krona extends decline, 9.71 is likely seen as its next support level.

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