The Swedish krona strengthened against the euro in the European session on Monday after data showed that the nation’s industrial production increased at a faster-than-expected pace in August.
Data from Statistics Sweden showed that Sweden’s industrial production grew notably by a seasonally adjusted 4.7 percent month-over-month in August, reversing a 4.0 percent decrease in July, revised from a 3.0 percent decline. Economists had expected only a 1.0 percent rise for the month.
Against the euro, the krona rose to 9.3452 from an early 5-day low of 9.3919.
If the krona extends its uptrend, it is likely to find resistance around the 9.30 area.
The material has been provided by InstaForex Company – www.instaforex.com