 |
Swedish Krona is tumbling ahead of a busy week full of macro risk events and political uncertainty. During the first trading day of the week, Swedish Krona inched to a 6-week low against the British Pound getting closer to the lowest levels of 2019. The GBP/SEK exchange rate settled at 12.5303 registering a +0.43% gain.
In Sweden, the economic calendar will bring some moderate risk events that have a low probability to disrupt the market volatility. During the Sweden’s business trading hours the Prospera inflation survey will provide more input for the Riksbank before the last monetary policy meeting of the year. Tomorrow’s inflation data and Thursday’s unemployment figures will keep currency traders looking for more direction.
Monday’s trading session saw the GBP/SEK within the range of 12.4825 -12.5459. However, during the early Asia trading hours, the GBP/SEK exchange rate was seen quoted unchanged at 12.5285 as a result of some modest profit taking.
In other news, ECB President Lagarde will hold her first monetary policy conference as the head of the European Central Bank. The market consensus sees no adjustment in the ECB’s monetary policy, but investors will be more concerns with the type of language used by Christine Lagarde.
Elsewhere, UK currency investors are bracing themselves for the 12 December election day, which is considered a high grade risk event that has the potential to disrupt the market volatility and set new trends in the currency space.
The Sterling bullish bets have been uplifted as optimism around the UK election has raised investor’s appetite for the British Pound. Against the US dollar, the Pound has been pushed to a new 8-month high, reaching a high of 1.3181. Year-to-date the British Pound has gained +1.55% against the greenback making it the second best performing major currency.
|
