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Swedish Krona (SEK) - Currency Guide

In this currency guide we look at :

  1. SEK General Info
  2. SEK Recent Performance
  3. SEK Market View
  4. SEK Cross Rates

Swedish Krona General Info

The three letter currency code for the Swedish Krona is SEK and the symbol is kr. It is the domestic currency in Sweden.

One krona is subdivided into 100 øre.

Ordinarily, the Swedish krona is not of regular interest to market commentators or journalists, unlike the FX 'majors' – the euro, US dollar, Australian dollar, Swiss franc etc. The krona is, however, the world’s 9th most traded currency, according to 2016 data from the Bank for International Settlements, and it contributes more to total foreign exchange market volume (around 2.2%) than does the New Zealand dollar (2%), which is considered an FX major.

Sweden retains the krona despite its membership of the European Union. In a national referendum in 2003, a majority of Swedish voters opposed adopting the euro as the nation’s currency and currently none of Sweden's major political parties are interested in revisiting the 'euro vs. krona' debate. In a survey of public opinion by the University of Gothenburg in 2013, only 9% of Swedes were in favour of adopting the euro.

Since 1995, the krona’s lowest valuation against the US dollar came in July 2001 when USD/SEK reached 11.05. The currency was strongest in April 2008 when USD/SEK fell to just 5.82. Against the euro, since the single currency's introduction in 1999, EUR/SEK has traded between 8.02 and 11.79.

SEK Foreign Transfers SEK Travel Money Read our Travel Guide to Sweden

Swedish Krona - Recent Performance

What a year it has been for the krona.

In the final week of August, the krona was the best performing G10 currency of 2017, being the only other G10 currency to gain against the euro (gain of +0.9%). On August 25th, SEK/EUR rates were slightly above 0.105 (EUR/SEK 9.5). Against the troubled US dollar, the krona was up an impressive 13.3% on the year at rates above 0.124 (USD/SEK 8.036).

TD Securities had it right when they said in February that the Swedish krona was “a core component of [TD's] FX outlook for 2017.” Their strategists correctly predicted at the time that the Swedish economy would remain on a solid footing and that inflation would rise.

The good news for those in Sweden is that it seems that the krona isn’t done yet.

On August 21st, Dutch bank ABN Amro said that the krona would appreciate against the euro to 0.114 (EUR/SEK 8.75) by the end of H1 2018.

In September, against the US dollar, ABN forecast the krona would climb 19% from rates at the time to 0.1485 (USD/SEK 6.73) by the end of 2018.

As their reasons for krona appreciation, ABN have cited a robust Swedish economy, above-2% inflation and an improvement in global trade; all of which are likely to force the Riksbank to normalise monetary policy after years of low interest rates and quantitative easing.

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