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February 14, 2012
Krona hits 14-year high against pound
Published: 2 Mar 10 17:47 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/25310/20100302/
Tourists from Sweden are set to benefit this spring as the krona continues to strengthen against major global currencies.
- Social Democrats affirm eurozone pact opposition (18 Jan 12)
- Swedes' disdain for the euro hits new heights (27 Dec 11)
- Sweden to support eurozone stability fund (20 Dec 11)
The euro and the dollar are each almost two kronor cheaper than they were a year ago, while the pound - at 10.80 kronor on Tuesday - costs 2.30 kronor less than last year. Not since 1996 has the pound cost so little.
With a number of EU countries running heavy budget deficits and suffering financial woes, Sweden is being viewed as a more stable proposition, according to Handelbanken's currency strategist Jenny Mannent.
"The krona has benefited from all this mess in the world. Many foreign investors have begun speaking about the Swedish krona as a more stable currency in recent months," she said.
Mannent said she expected the krona to remain strong for the foreseeable future.
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Your comments about this article:
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The krona isn't at a high the pound and dolllar are at lows and this spells disaster for Swedens Export Businesses.
Not only that the Pounds is dropping fast under the idea of a hung parliament which has never happened before in the UK!!!
Congratulations on not discribing the facts properly!!!
Thank you for that. You beat em to correcting them on the facts.
If the Local is going to write an article like that, they should at least take out a subscribtion to the Financial Times and keep up with what is actually happening.
The krona is high against the $,£ and € - why, how and whether that is good for Swedish business is of course open to debate, but the facts presented in the article are not in doubt.
I'll agree with you though in the sense that the analysis could used some completion but there is probably some truth in what Handelsbanken says - the money swills around the system and has to be put somewhere.
Currency trading is about selling one to buy another - you don't need the FT to tell you that.
I meanwhile am looking forward to a 30 krona pint or two of Guinness in London over the summer.
If the cost of your goods start rising in other countries or if you sell at the same price abroad you're either going to have less exports or less income. Your costs will increase unless you're sourcing everything from abroad which begs the questions why are you not next to your suppliers.
Yes in a sense it is at a high but the sharp drop in the pound isn't due to a sharp increase in value of the kr so you're wrong there.
The facts presented in the article aren't in doubt but they are based on old opinions and analysis so that mekes them redundant. The pound was already low and has been for a long while.
I don't think that is what Nemesis was talking about as the FT makes very sensible anaylsis of current events and if you would've read the FT you'd know that the above article is out of date.
Also not really conveyed is that at the moment a weak currency isn't such a bad idea.
FT and News.bbc.co.uk have both put forward that certain MEPs and states want a weaker Euro and I wouldn't be shocked if it was the same for the pound. Why?
Because it is good for manufacturing the manufacturing industry is picking up in the UK very quickly due to the weakened pound.
So good for Swedish EXPORT Businesses which the country is geared for as it is typically seen as an export nation. It is not. Theres no two ways of looking at that.
Enjoy the cheap beer while you can because the Kr will have to drop as Swedish Export Businesses fold.