The Swedish krona strengthened against the euro in the early European session on Tuesday.
In economic news, data from Statistics Sweden showed that the nation’s retail sales rose a working-day-adjusted 5.2 percent year-over-year in November, the same rate of increase as in the previous month, which was revised up from a 5.2 percent gain reported earlier. Economists had expected the growth to slow to 4.0 percent.
On a monthly basis, retail sales rose a seasonally adjusted 0.4 percent in November, exceeding economists’ forecast for a 0.3 percent spike.
Meanwhile, the producer price index fell 1.5 percent year-over-year in November, following a 1.8 percent drop in October. On a monthly basis, producer prices edged down 0.1 percent in November after a 0.3 percent decrease in the preceding month.
Against the euro, the krona rose to a 4-day high of 9.2493 from an early low of 9.2801. At yesterday’s close, the krona was trading at 9.2690 against the euro.
If the krona extends its uptrend, it is likely to find resistance around the 9.20 area.
The material has been provided by InstaForex Company – www.instaforex.com