Swedish Krona, Danish Krone, and Euro Rose While the Lira Fell
Swedish krona rose
The Swedish krona rose versus the US dollar on December 22, 2015. The Swedish retail sales grew above the expectations in November. On an annualized basis, retail sales grew by 5.2%. This was in line with October and above the forecasts of 3.7%. On a monthly basis, retail sales released amid consensus estimates at 0.4% in November—marginally below a rise of 0.5% in October. The sentiment in the Swedish krona was also buoyed by a fall in the US Dollar Index. It fell because the US GDP (gross domestic product) figures released below the forecasts. The US Dollar Index measures the strength of the US dollar against a basket of currencies that includes the Swedish krona.
Producer prices exhibit lower contraction
In November, the Swedish PPI (producer price index) fell by 1.5% on an annualized basis—compared to a fall of 1.8% in October. On a monthly basis, producer prices fell by 0.1% in November—compared to a fall of 0.3% in October. The Swedish krona was trading higher versus the US dollar in the previous session due to higher business confidence in the economy. To learn more, read Swedish Krona Rose as Economic Confidence Improved .
Impact on the market
Looking at the movement in the ETFs, the iShares MSCI Sweden ETF (EWD) rose by 1.0% on December 22, 2015. Tracking a similar trajectory, the iShares MSCI Finland Capped ETF (EFNL) rose by 0.62%.
Swedish company LM Ericsson Telephone (ERIC) ended on a positive note by 0.74%. Among the Norwegian ADRs (American depositary receipts), fishery major Marine Harvest (MHG) rose marginally by 0.08%. Finnish company Nokia Oyj (NOK) ended higher by 1.8%.
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