There is high confidence in Sweden as yesterday’s reports show that optimism in the country’s market has hit an annual high. Swedish Services Purchase Managers’ Index (PMI), released yesterday morning, came out at 58.2 – a staggering 4.2 higher than the previous month. This demonstrated high levels of market confidence within the service sector in Sweden, and caused an appreciation of 1.7% against sterling across the day!
Norway also had a very positive day, appreciating over 1.3% against sterling. Norway’s current account, the measure of their exports and imports, was released Nok 49.6 billion above expectation at Nok 72.6 billion. This figure demonstrates that Norway are exporting significantly more than they are importing, which highlights the strength of their economy. With the possibility of deflation this bodes very well for them, as it suggests their debt levels are very low.
Are you looking to buy or sell currencies? Contact your trader now for live rates, news and currency purchasing strategies.