| 2 October 2023, Monday |

Euro hits record high against Swedish crown ahead of Riksbank decision

The euro rose to a record high against the Swedish crown on Monday, days before the Riksbank is expected to raise interest rates again.

The euro hit 11.995 crowns, up around 0.6% on the day. Sweden’s crown has suffered heavily against the euro this year, losing around 7.5% of its value.

The Swedish crown also weakened to as much as 11.25 per dollar, its lowest level since last October .

Sweden’s central bank, the Riksbank, is due to set interest rates on Thursday. Traders think it’s highly likely to raise them by 25 basis points to 4%.

The European Central Bank last week raised euro area rates to a record high of 4%.

  • Reuters