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SEK Currency Report | Dec 18 2020

The SEK appreciated 2.23% this week to 8.27, reaching its strongest level since April 2018. In recent months, the USD|SEK pair has seen monthly volatility at 2.62%, and annual volatility at 9.10%, as seen on Deaglo’s spot history chat below. If your business or fund is exposed to this pair, implementing a layered hedging strategy can reduce your annual volatility down to 3.10%, making forecasting profits far more accurate.

Macroeconomic data front | A strengthening SEK can find its roots following a stronger than expected Unemployment Rate at 7.7%, which was forecasted to be 8.4%. Other than that, the week was relatively quiet. Looking forward, economists are pessimistic about November, forecasting PPI year-on-year to drop from -4.2% (Oct) to -5.8% (Nov), and Retail Sales to decline from 3.6% (Oct) to 3.3.% (Nov). As we move into Christmas however, expect these numbers to jump back up.

OMX 30 | Regarding the Swedish stock index, the OMX 30 managed to recover its coronavirus losses and now sits at pre-Covid-19 levels. Price managed to push above the yearly high back at the end of November, but bullish sentiment has since taken a hit.

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