FXstreet.com (Barcelona) - The euro ground lower in the European session, though the newswires were fairly quiet and data releases thin. The EUR/SEK continued its move lower and sits at the bottom of yesterday’s range. Finance Minister Anders Borg said it is too early to call Sweden a safe haven and it remains to be seen how a strong SEK will affect the export sector.
For the krona bulls, there is limited sign of any verbal intervention, with Borg calling the trend in krona appreciation a normal market development. According to Research Analyst Chris Walker at UBS, “The overall risk appetite is on a soft note with most European equity markets trading in the red in a runaway selling of the euro.” Presently the EUR/SEK is trading at 8.2640, marking a decline of -0.06% on the day.
For the krona bulls, there is limited sign of any verbal intervention, with Borg calling the trend in krona appreciation a normal market development. According to Research Analyst Chris Walker at UBS, “The overall risk appetite is on a soft note with most European equity markets trading in the red in a runaway selling of the euro.” Presently the EUR/SEK is trading at 8.2640, marking a decline of -0.06% on the day.
