Swedish Krona Falls To 2-month Low Against Euro After Sweden CPI Data

The Swedish krona weakened against the euro in the early European session on Thursday, after the nation's consumer price inflation held steady in April, defying economists' expectations for an increase.

Data from Statistics Sweden showed that the consumer price index of Sweden climbed 0.8 percent year-over-year in April, the same rate of rise as in the previous month. Economists had expected the inflation to accelerate slightly to 0.9 percent. On a monthly basis, consumer prices showed no variations in April, while it was expected to increase by 0.1 percent. In March, prices had risen 0.5 percent.

Against the euro, the krona fell to a 2-month low of 9.3247 from an early high of 9.2827. At yesterday's close, the krona was trading at 9.2969 against the euro.

If the krona extends its downtrend, it is likely to find support around the 9.40 area.

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