- Growth data came out worryingly low in Russia at -4.3% yesterday, well below expectations. This further decrease in Russian growth demonstrates its weakening economy, which resulted in a sterling appreciation of 1.5% against the rouble. Russian growth has now been negative for four consecutive months and investors are anxious to see if the current trend can be brought to an end.
- The Swedish krone had a poor start to the day yesterday, finding itself depreciating against all major competitors. However, Sweden released positive data in the form of business confidence, consumer confidence and balance of trade figures, which saw the currency strengthen at around mid-day.
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