The Swedish krona strengthened against the U.S. dollar in the early European session on Monday after data showed that the nation’s gross domestic product grew in the third quarter of 2015.
Data from the Statistic Sweden showed that the nation’s gross domestic product grew a seasonally adjusted 0.8 percent in the third quarter of 2015, following a revised 1.0 percent growth in the previous quarter.
Year-on-year, GDP rose 3.9 percent in the third quarter.
Against the greenback, the krona rose to a 5-day high of 8.6978 from an early low of 8.7501. At yesterday’s close, the krona was trading at 8.7263 against the greenback.
If the krona extends its uptrend, it is likely to find resistance around the 8.50 area.
The material has been provided by InstaForex Company – www.instaforex.com