The Krona (SEK) bolstered to a six week against the Euro after Sweden’s economic growth accelerated more than forecast in the next quarter of the year.
EUR rose by 1.0percent in the three months to June 2018, compared to the first quarter, that itself has been revised up 0.1% to 0.8 percent.
The growth also beat consensus expectations from a Thompson-Reuters survey of economists who had expected growth to rise only 0.5% in Q2.
The greater than double anticipated increase was driven by’household consumption’, which raised 0.9%, government spending, which rose by 0.2 percent, and net trade after exports that went up 0.5percent (vs -0.2% in Q1) while imports dropped 0.1percent (vs 0.6% in Q1).
“Sweden’s economy roared ahead at the second quarter of this year driven by a boom in consumer spending, providing the krona a elevator and defying expectations for a moderation in the pace of economic growth in the Nordic nation,” says Cat Rutter Pooley, a correspondent for the Financial Times.
At an yearly rate the economy grew by 3.3% in Q2 compared to the same quarter in 2017, which comfortably beat the 2.6% expectancy.
“The krona strengthened as much as 0.7 percent to 10.2313 per euro. The Swedish currency has progressed 2.1 percent this month, the best performance one of the Group-of-10 market rates,” states Anooja Debnath, a correspondent for Bloomberg News.