GBP/SEK: Krona Heads into New Week on Positive Note

Sweden’s Krona ended the last week of trading on a positive note against the Pound following the Riksbank’s rate hike and dovish BoE. During the previous week, the GBP/SEK exchange rate settled at 12.2335 registering a positive gain of 2.28%. Last week, currency traders saw the GBP/SEK quoted within a trading range of 12.5732 — 12.2101.

The post UK election weakness has been completely reversed as the risks associated with a hard Brexit have been considerably diminished. Investors took the chance and bid higher the Scandinavian currency, but the positive sentiment was also helped by Pound profit taking across the board.

Sweden’s central bank raised rates by 0.25 basis points from -0.25% to 0.0%, putting an end to a decade long negative interest rate policy. However, as we get closer to the New Year, Krona’s gains can be limited as the central bank mentioned the benchmark interest rate to be kept on hold up to 2021.

During the early Asia trading hours, the GBP/SEK exchange rate was seen stabilizing and trading around 12.2502 levels.

In Sweden, currency traders are facing a quiet week ahead being disturbed by the Christmas holiday season. With banks being closed on Christmas day and the low level of liquidity available in the markets will result in moderate currency exchange rate fluctuations.

In the UK, the newly elected legislature in the UK parliament has endorsed Boris Johnson’s divorce bill delivering a decisive step towards the Brexit. The UK parliament voted 358 to 234 in favor of the Brexit bill. The bill is expected to be passed into law early next year. This means that the UK will leave the 28-nation bloc at the scheduled deadline of 31 January. 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.