The Swedish Krona is slipping against the Pound at the start of the new week, paring some gains from last week. The Swedish Krona strengthened by 1% versus the Pound closing the previous week at 12.3772.
At 06:30 UTC, GBP/SEK is trading -0.14% at 12.3940 ahead of what is expected to be a relatively quiet session. Financial markers are closed in both Sweden and the UK in observance of Easter Monday public holiday. With no economic data due to be released from either country, attention will remain firmly on coronavirus statistics.
Pound Advances Even As Chancellor Warns of 30% GDP Hit
The Pound has slipped lower across the board at the start of the new week. News that Boris Johnson was released from hospital and is now recovering in the Chequers residence in Buckinghamshire, was overshadowed to a degree by news that the number of UK coronavirus deaths passed 10,000. The daily rise on Sunday was 737, after the two previous days recorded over 900 deaths per day. Figures over the weekends have shown dips previously due to delays in reporting.
The increase in deaths comes as the UK Government is under increasing pressure to release plans over how it intends to end the lock down or at least ease it. Chancellor Rishi Sunak is calling for an easing of the measures after warning that Britain’s GDP could fall by as much as 30% between April – June.
Swedish Krona Hit As Tougher Measures Considered
The Swedish Krona is slipping lower as Sweden’s Prime Minister, Stefan Lofven, said that the is considering tighter virus restriction measures. Unlike its European peers, Sweden has not imposed strict lock down measures. Stefan Lofven has faced criticism over Sweden’s decision to keep bars, cafes and restaurants open.
Stefan Lofven’s comments come as the number of daily coronavirus deaths fell to 17, its lowest increase in two weeks and as the number of new cases fell again to 466, after peaking at over 700.
Elsewhere in Europe Austria plans to reopen large non-essential shops, DIY shops and garden centres on Tuesday. Denmark will reopen schools from mid-April.
There is no Swedish economic data due for release today or tomorrow. Investors will look ahead to inflation data for March on Wednesday.
