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Forex News: Swedish Krona Rises To More Than 5-month High

Swedish Krona Rises To More Than 5-month High Against U.S. Dollar

08/20/2024 - 07:06:00 (RTTNews)

(RTTNews) - The Swedish krona strengthened against the U.S. dollar in the European session on Tuesday.

In economic news, Sweden's central bank lowered its key policy rate by a quarter-point as inflation continued to ease amid weakening growth prospects and signaled as much as three more interest reductions this year.

The Executive Board of Riksbank decided to cut the policy rate by 25 basis points to 3.50 percent. The outcome of the meeting matched expectations.

Against the U.S. dollar, the krona rose to more than a 5-month high of 10.2674 from an early low of 10.3321. At yesterday's close, the krona was trading at 10.2973 against the greenback.

If the krona extends its uptrend, it is likely to find resistance around the 10.16 region.

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