Swedish Krona Eyeing a Big Year in 2010
January 4th, 2010 Posted in Analyst Picks, In-Depth Analysis
The Scandinavian Kroner by and large closed out 2009 on a high note, recording gains across the board, but most significantly against the U.S. Dollar. The Norwegian Krone appeared to be the big winner, advancing 17% against the Dollar to 5.7593 before the end of the year. Currently the NOK is continuing its gains and is trading at 5.7256 against the greenback.
Sweden’s Krona also recorded gains, hitting a 16-day high against the Dollar at 7.1009 before January 1st. Currently the SEK is trading around the 7.0730 level, and most analysts are predicting the Krona will start off 2010 on a high note.
Sweden’s economy is likely to play a major role in the international market in the upcoming year. The SEK is one of the more undervalued currencies in the Forex marketplace. Experts are predicting its economy may expand by 2.7% in 2010 after contracting 4.5% last year. In addition, interest rates are forecasted to increase as the economy improves. Traders will want to pay careful attention to the direction Sweden’s economy takes. If predictions come true, the Swedish Krona has the potential to be one of the major players in trading this year.
Start trading with Dan Eduard now:
Tags: Forex, forex blog, scandinivian analysis, Swedish Krona
