The Pound Sterling (GBP) exchange rate was stronger against both the Swedish Krona (SEK) and Norwegian Krone (NOK) on Wednesday as UK GDP data matched forecasts, oil price concerns affected the Krone and Swedish data came in below expectations.
The Pound Sterling to Swedish Krona (GBP/SEK) exchange rate was trading in the region of 11.67
According to the London based Office of National Statistics (ONS), the UK’s economy expanded by 0.7% in the third quarter, unchanged from an initial estimate and in line with economist forecasts. On a year on year basis, the UK economy expanded at a pace of 3%, again matching expectations. The report also showed that the UK’s trade deficit widened as exports softened.
The Swedish Krona was softer against Sterling as data showed that business and consumer confidence fell more than forecast in November and the nation’s balance of trade made an unexpected decline.
A report released on Tuesday by the Organisation for Economic Cooperation and Development (OECD), which showed that Sweden’s economy, will not expand as quickly as previously expected. The group also lowered its growth forecast for the Scandinavian nation. The report highlights the poor performance of the Eurozone as one of the major drags upon growth potential.
The Pound to Norwegian Krone (GBP/NOK) exchange rate was trading in the region of 10.72
Unemployment data out of Norway showed that the nation’s jobless rate remained stable at 3.7%. The Krone weakened however as falling oil prices weighed heavily. Norway is a major producer of the commodity and falling prices have had a negative impact upon the currency. It was weakened further after Saudi Arabia’s oil minister said that there is no need for producers to curb output.
Economists are hoping that Thursday’s OPEC meeting will result in Middle Eastern producers curbing production as that would aid prices, however, today’s comments by the Saudi minister have put those expectations into question.
Exchange Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
Pound Sterling,
,Swedish Krona,11.6699 ,
Euro,,Swedish Krona,9.2469 ,
US Dollar,,Swedish krona,7.3934 ,
Pound Sterling,,Norwegian Krone,10.7596,
Euro,,Norwegian Krone,8.5266 ,
US Dollar,,Norwegian Krone,6.8175 ,
[/table]
