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13 Feb 2013
Forex Flash: SEK is today´s strongest G10 currency – Wells Fargo
Nick Bennenbroek of Wells Fargo notes that the Swedish krona is today’s strongest G10 currency, with a again of more than 1% against the greenback.
He sees that Sweden’s central bank held its repo rate at 1%, disappointing a sizeable minority of analysts who expected a rate cut. Central Bank governor Ingves also said the Bank was comfortable with the level of the exchange rate. Shifting focus to the UK, he sees that the pound is today´s weakest G10 currency. He writes, “The Bank of England projected that CPI inflation would remain above 2% in its inflation report, but Governor King said the economy was still soft and that the central bank could ease further if need.”
He sees that Sweden’s central bank held its repo rate at 1%, disappointing a sizeable minority of analysts who expected a rate cut. Central Bank governor Ingves also said the Bank was comfortable with the level of the exchange rate. Shifting focus to the UK, he sees that the pound is today´s weakest G10 currency. He writes, “The Bank of England projected that CPI inflation would remain above 2% in its inflation report, but Governor King said the economy was still soft and that the central bank could ease further if need.”