Krona Climbs As Unemployment Dips (EUR/SEK), Euro Rises (EUR/GBP)

Published: 11 Oct at 5 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, USA, Germany, Sweden,

In a bit of a mixed day for European currencies, Sweden’s Krona climbed against its US rival for the first time in several days, advanced on the Pound and posted a modest gain against the Euro.

The Krona was boosted as Sweden’s non-seasonally adjusted unemployment rate dipped from Augusts’ 4.8 per cent level to 4.6 per cent in September.
Economists anticipated a reading of 4.7 per cent.

Figures compiled by the Public Employment Service also showed youth unemployment was down 4,000 on the year while the number of new employment vacancies was higher than in the same period of the previous year.

The Krona was trading against the Euro in the region of 8.7712 and 1.3559 against the US Dollar after the data was published.

Meanwhile the Euro strengthened against the US Dollar as German inflation came in on estimate and risk appetite was supported by positive developments in the US political impasse.

The Pound, on the other hand, flopped to a six-week low against the Euro as UK construction output declined unexpectedly.

Economists were predicting a 0.8 per cent gain, but output actually fell by 0.1 per cent. This disappointing result followed less-than-impressive UK manufacturing/industrial production figures published earlier in the week.

The Pound is currently trading against the Euro in the region of 1.1755.

Next week several pieces of significant European data, including the ZEW economic sentiment surveys for Germany and the Eurozone and retail sales figures for the UK will be inspiring market movement.

In the run-up to the US debt ceiling deadline any news from North America will also be of particular interest.
As of Friday, 11th October 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1779, GBP USD exchange rate was 1.5953,

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