Sweden’s krona swells to 11-year high

juli 24th, 2012

Bloomberg said that the Swedish krona rose to the strongest since October 2000 against the euro as signs the European debt crisis is worsening increased demand for assets outside the single-currency region.“The minutes were perhaps a little less dovish than some had expected but to my mind it isn’t a Sweden story,” Christian Lawrence, a currency strategist at Rabobank International, told the newswire. The krona is benefiting from “diversification and recycling out of the euro. Although Sweden is a small open economy that exports a lot to the euro zone and is by no means immune to the crisis, it is in good fiscal shape.”

Sweden’s currency appreciated 0.6 percent to 8.4488 per euro at 3:18 p.m. London time after rising to 8.4412, the strongest since Oct. 24, 2000.