Swedish krona has seen a lack of trading activity during the first trading day of the week. Despite the broad-based weakness seen across Pound’s crosses, the GBP/SEK exchange rate closed up on Monday settling at 12.3984. Before the London opening session the GBP/SEK exchange rate was seen quoted around 12.3917.

In the short-term, there are no domestic factors to motivate investors getting more involved with the Nordic currencies. Riksbank policymakers have often blamed the Brexit market theme as a source of volatility for the SEK. In this regard, this week’s BEO interest rate decision can stir some SEK volatility.

Other proxy risk events that can disrupt the market volatility are key manufacturing data coming out of the EU zone. On Thursday, German industrial production data will be in focus. The German manufacturing sector has been contracting for 15 consecutive months. This is important because Sweden’s cross-border sales towards EU accounts for over 70%. A lackluster European demand can impact Sweden economy and the krona.

Next on the docket, we also have Eurozone services and manufacturing PMI figures. If these hard economic data shows contraction in the European manufacturing sector, it may lead to capital outflow from the Swedish krona.

Sweden’s central bank Riksbank is also scheduled to release the minutes from the October meeting. Riksbank governor Stefan Ingves cited weaker inflation along with other external factors as a motive to announce an interest rate hike in December from -0.25% up to 0.00%. The minutes should shed some light on the reasons behind its assessment to keep the benchmark interest rate at 0.00 for several years. Sweden’s manufacturing and private services figure will be released along with the Riksbank minutes. This should give investors a more comprehensive view of the Sweden’s economic growth.

GBP/SEK Technical Pattern

The short-term price action is characterized by a range-bound activity, but the long-term trend remains bullish. To get more traction it would need a daily break and close below the key support level 12.3111, or above 2019 high, established at 12.6149. is a news site only and not a currency trading platform. is a site operated by TransferWise Inc. (“We”, “Us”), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on do not represent our views.