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Pound Sterling to Swedish Krona (GBP/SEK) Exchange Rate Forecast to Strengthen on Mixed Swedish Data
Published: 27 May at 12 PM Tags: Pound Sterling, Euro Exchange Rate, Currency Exchange, Forex, Euro Crisis, Exchange Rates, Inflation,
After Swedish economic data produced mixed results, the Pound Sterling to Swedish Krona exchange rate climbed by around 0.34%. The Pound is generally holding steady versus most of its peers, however, as traders await the Queens speech which will outline the policies of the new Conservative government.
Having registered better-than-expected retail sales data on Tuesday, the Pound advanced versus many of its competitors. The Confederation of British Industry (CBI) expected sales to increase from 12 to 20 in May, but the actual result thoroughly eclipsed the median market forecast; hitting 51. The combination of negative consumer prices and ultra-low lending rates has fuelled the CBI to speculate that the coming months sales will reach a 26-year high.
Sterling appreciation has been somewhat sluggish of late, however, amid fears that the 2017 European Union (EU) referendum will provoke a long period of political uncertainty. Many are hoping that the Tories bring forward the date to minimise the damage of investor caution. The forthcoming Queens speech is likely to contain information regarding the plan for the EU referendum in addition to other policy decisions.
The Swedish Krona, meanwhile, softened versus many of its closest currency competitors after speculation mounted that Riksbank would have to intervene in order to push inflation back toward target levels. ‘If we get a similar outcome for inflation in May as we had now (in April) then there is no question about it,’ Riksbank Deputy Governor Per Jansson said on Tuesday. ‘Then we would act.’
Wednesday has seen the Krona continue to trend lower versus its major competitors after domestic data produced mixed results which err towards negativity. Swedish Trade Surplus widened from 3.8 billion to 5.7 billion in April; bettering the median market forecast of a drop to 2.5 billion. However, May’s Consumer Confidence and Business Confidence failed to meet with respective market consensuses.
The remainder of the week should see GBP/SEK volatility with several data publication due for release. For those invested in the Swedish asset, Friday growth data will be of particular significance. German Retail Sales and Italian growth data will be of interest to those trading with the British Pound.
The Pound Sterling to Swedish Krona (GBP/SEK) exchange rate was trending within the parameters of 12.9910 – 13.1039 during Wednesday’s European session.
Having registered better-than-expected retail sales data on Tuesday, the Pound advanced versus many of its competitors. The Confederation of British Industry (CBI) expected sales to increase from 12 to 20 in May, but the actual result thoroughly eclipsed the median market forecast; hitting 51. The combination of negative consumer prices and ultra-low lending rates has fuelled the CBI to speculate that the coming months sales will reach a 26-year high.
Sterling appreciation has been somewhat sluggish of late, however, amid fears that the 2017 European Union (EU) referendum will provoke a long period of political uncertainty. Many are hoping that the Tories bring forward the date to minimise the damage of investor caution. The forthcoming Queens speech is likely to contain information regarding the plan for the EU referendum in addition to other policy decisions.
The Swedish Krona, meanwhile, softened versus many of its closest currency competitors after speculation mounted that Riksbank would have to intervene in order to push inflation back toward target levels. ‘If we get a similar outcome for inflation in May as we had now (in April) then there is no question about it,’ Riksbank Deputy Governor Per Jansson said on Tuesday. ‘Then we would act.’
Wednesday has seen the Krona continue to trend lower versus its major competitors after domestic data produced mixed results which err towards negativity. Swedish Trade Surplus widened from 3.8 billion to 5.7 billion in April; bettering the median market forecast of a drop to 2.5 billion. However, May’s Consumer Confidence and Business Confidence failed to meet with respective market consensuses.
The remainder of the week should see GBP/SEK volatility with several data publication due for release. For those invested in the Swedish asset, Friday growth data will be of particular significance. German Retail Sales and Italian growth data will be of interest to those trading with the British Pound.
The Pound Sterling to Swedish Krona (GBP/SEK) exchange rate was trending within the parameters of 12.9910 – 13.1039 during Wednesday’s European session.
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Source: moneytransfer.co.uk