The Swedish krona strengthened against the U.S. dollar in the European session on Wednesday.
In economic news, data from Swedbank showed that Sweden’s service sector growth eased notably in April, after accelerating in the previous month. The purchasing managers’ index, or PMI, fell by 3.3 points to 53.9 in April from 57.2 in the previous month. However, any reading above 50 indicates expansion in the sector.
Against the greenback, the krona rose to a 5-day high of 8.2784 from an early low of 8.3595. At yesterday’s close, the krona was trading at 8.3483 against the greenback.
If the krona extends its uptrend, it is likely to find resistance around the 8.19 area.
The material has been provided by InstaForex Company – www.instaforex.com