The Swedish krona jumped today after the nation’s central bank decided to reduce monetary easing, raising its benchmark repo rate.
The Riksbank hiked its main interest rate from -0.5% to -0.25% effective from January 9, 2019. It was the first interest rate hike in more than seven years. Furthermore, the central bank signaled that it may raise the rate further in the second half of 2019.
USD/SEK slumped from 9.0946 to 8.9691 as of 17:43 GMT today, touching the low of 8.9239 intraday.
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Swedish Krona Climbs After Riksbank Raises Interest Rates
