The Swedish krona fell today as industrial production unexpectedly declined in April, putting pressure on the central bank to cut interest rates.
Statistics Sweden reported that industrial production fell 0.5 percent in April on a seasonally adjusted basis. The annual decrease was at 0.8 percent. Market participants have hoped for an increase by 0.7 percent. The Riksbank kept rates unchanged on its last meeting, but today’s data suggested that an interest rate cut is possible on the next meeting.
USD/SEK advanced from 6.5718 to 6.5928 as of 11:58 GMT today.
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