The Pound Sterling to Swedish Krona (GBP/SEK) exchange rate strengthened by around 0.22% on Wednesday.
In the aftermath of a slight declination in Sweden’s services data, the Krona softened against many of its major peers. The Pound, however, rebounded from a bearish run after domestic data printed positively.
The Pound Sterling to Swedish Krona (GBP/SEK) exchange rate is currently trending in the region of 12.0238.
Pound Sterling (GBP) Exchange Rate Strengthens on Positive Data
After British economic data produced positive results on Wednesday, the Pound advanced against many of its most traded rivals, recovering from a bearish run. Although still within deflation territory, shop prices showed a slight improvement from -1.9% to -1.7%. Mike Watkins, Head of Retailer and Business Insight stated: ‘The high levels of discounting across most retail channels in 2014 will have given a boost to sales and the year ended with shop price inflation close to record lows in December, so it’s the consumer who has been the winner all round.’
New Car Registrations advanced from 8.0% to 8.7%, and the Lloyds Business Barometer rose from 42 to 45. Rolls-Royce, celebrated luxury vehicle manufacturer, sold a record number of cars in 2014.
This is evidence that British consumer confidence improved, especially whilst oil prices continue to soften. A spokesperson for Rolls-Royce stated; ‘A record number of customers spent personal one-on-one time with Rolls-Royce’s Bespoke design consultants commissioning their personalised vehicles.’
The Pound Sterling to Swedish Krona (GBP/SEK) exchange rate fell to a low today of 11.9758.
Swedish Krona (SEK) Exchange Rate Softens on Services Data
Although Sweden’s services data registered growth, a slower pace than previous months caused the Krona to decline. The Services PMI was forecast to improve from 56.8 to 57.5, but the actual result was a drop to 55.4.
With a complete absence of Swedish data until Friday of this week, the Krona is likely to continue trending lower. This is especially true if the minutes from the most recent Federal Open Market Committee (FOMC) meeting support a US Dollar upsurge.
Pound Sterling to Swedish Krona (GBP/SEK) Exchange Rate Forecast to Strengthen
Given the lack of domestic data to curb the trend, the Pound Sterling to Swedish Krona (GBP/SEK) exchange rate is likely to continue trending higher on Wednesday.
The Pound Sterling to Swedish Krona (GBP/SEK) exchange rate advanced to a high today of 12.0338.
