gbp-sek-currency-symbols - GBP - SEK

Swedish Krona is starting the week on a positive note posting some modest gains against the British Pound. On the currency market, Krona settled at 12.3456 up 0.28% against the Pound on Monday.

Monday’s trading session saw GBP/SEK within the range of 12.3886 -12.3098. However, during the early Asia trading hours, the GBP/SEK exchange rate was seen quoted further down at 12.3298.

Sweden’s manufacturing data for November hit the market on Monday and they were disappointing. This is the third consecutive month of contraction in the manufacturing sector. Sweden’s manufacturing PMI contracted to 45.4 in November versus 46.o reading seen in October. The figures missed the market consensus as well. Most economists forecasted a 47.1 PMI reading. Regardless of gloomy manufacturing PMI, Krona rallied modestly.

The market is still digesting latest GDP figures which saw Sweden economy accelerating at a faster pace than the market consensus. This is supportive of the Riksbank’s plans to hike rates during its last policy meeting of the year on 19 December.

In other news, the European manufacturing data released during Monday’s trading hours revealed upbeat manufacturing sector activity. However, the euro zone manufacturing activity remains below the 50 mark, which indicates contraction.

From the other side of the monetary policy spectrum, the UK manufacturing activity contracted for the seven months in a row. UK’s Markit Manufacturing PMI grew to 48.9 in November versus 48.3 in October. The downbeat figures reflect tougher conditions for the UK economy mainly due to the uncertainty created by the Brexit, which has motivated investors to put their investment decisions on hold.

Looking over the UK economic calendar the Markit Construction PMI figures are the only risk event that can generate some volatility for the GBP crosses. According to the market consensus currency traders should expect a reading of 44.5 versus 44.2 prior readings. 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.