EUR/SEK Exchange Rate Today: Euro Little-Changed after ECB Decision
If you're looking to make an international money transfer, we recommend TorFX.
As anticipated by the majority of economists, the central bank opted to leave interest rates unchanged.
The ECB left the main refinancing rate at 0.15%.
ECB President Mario Draghi asserted; ‘The available information remains consistent with our assessment of a continued moderate and uneven recovery of the euro area economy, with low rates of inflation and subdued monetary and credit dynamics. At the same time, inflation expectations for the euro area over the medium to long term continue to be firmly anchored in line with our aim of maintaining inflation rates below, but close to, 2%. The monetary policy measures decided in early June have led to an easing of the monetary policy stance.’
Draghi also intimated that the threat posed by geopolitical risks is increasing and that adverse developments in emerging-market nations could have a detrimental impact on growth in the 18-nation currency bloc.
It was also stated that the Governing Council is ready and willing to introduce unconventional policy measures, should the need arise.
The lack of action on the part of the ECB was Euro supportive, but these comments did see the common currency decline against several of its major counterparts.
The Euro to Swedish Krona exchange rate achieved a high of 9.2495.
Earlier in the European session the Euro came under a little pressure as German Industrial Production figures came in below forecast levels.
Although output did climb for the first time in several months in June, the increase fell far short of that anticipated by economists.
Industrial output had been expected to increase by 1.3% on a month-on-month basis but it actually climbed by just 0.3%. The result followed yesterday’s concerning German Factory Orders figure.
The German Federal Economy Ministry issued the following statement with the figures; ‘Economic activity was weaker in the second quarter, as expected, after an exceptional strong growth of manufacturing industry favoured by mild winter in the first quarter […] geopolitical events are likely to have an impact.’
Euro to Swedish Krona Exchange Rate Forecast
A lack of economic reports for Sweden meant that any movement in the Euro to Swedish Krona (EUR/SEK) exchange rate was down to news from the Eurozone.
Tomorrow volatility in the pairing could be sparked by Swedish industrial production figures.
Industrial production fell by -3.2% in May on a month-on-month basis so economists are hoping for an increase of 1.4% in June.
Germany’s trade data will also impact the EUR/SEK pairing tomorrow.
The Euro to Swedish Krona (EUR/SEK) exchange rate is currently trending in the region of 9.2258.