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Krona hits 14-year high against pound

TT/The Local · 2 Mar 2010, 17:47

Published: 02 Mar 2010 17:47 GMT+01:00

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Continental Europe, the US and the UK have all become cheaper places to shop in recent months for anyone paying with Swedish currency.

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.

Story continues below…

Mannent said she expected the krona to remain strong for the foreseeable future.

TT/The Local (news@thelocal.se)

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Your comments about this article

21:04 March 2, 2010 by Venturisection
Nice completely inaccurate.

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!!!
09:12 March 3, 2010 by Nemesis
@ Venturisection

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.
11:26 March 3, 2010 by Byggare Bob
the article simply says that it will cheaper for Swedish tourists to shop in London and European cities.

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.
11:44 March 3, 2010 by Venturisection
Exports are directly affected by currency exchange rates its not up for discussion as thats how it works.

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.
12:59 March 3, 2010 by aussiecobber
can't wait to Sweden from Australia in the 2010 winter (southern) it's 6.5 krona to the AUS$ , when I first went in 2004 it was just under 4 to one!
14:26 March 3, 2010 by donutwallah
It's called 'crown' in English by the way!
15:15 March 3, 2010 by Byggare Bob
01:02 March 7, 2010 by Blackman_for_Blondes
Agreed that pound and dollar are weak, but the Swedish economy is not exactly the picture of health either, they had to borrow €10 billion some months back what's the budget going to be like in the next few quarters?
03:40 March 10, 2010 by Davey-jo
Pound maybe at a low but UK exports were way down for the January. Explain?
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