The Sweden krona fell after the official data showed that the nation’s economy contracted last quarter, making investors less interested in Sweden assets.
Statistic Sweden reported that gross domestic product shrank 0.2 percent in the second quarter of 2013 from the first quarter on a seasonally adjusted basis. Year-on-year, the economy expanded 0.1 percent, far slower than analysts have predicted — 0.6 percent. The data was obviously bad and it is not surprising that the currency weakened.
USD/SEK rose 0.6 percent to 6.5587 yesterday.
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