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EUR/SEK: the ECB versus the Riksbank

The rate between the euro (EUR) and the Swedish krona (SEK) is closely watched, because the very open Swedish economy is tightly linked to the eurozone, its main trading partner. Its dynamics depend on the relationship between two central banks : the European Central Bank (ECB) and the Riksbank, the central bank of Sweden and one of the oldest in the world.

Sweden is not part of the eurozone : it kept its currency after the 2003 referendum and pursues an independent monetary policy. The krona is a relatively small currency and less liquid than the euro, which makes it sensitive to risk aversion. In periods of uncertainty, investors often abandon the SEK in favour of deeper currencies, and the krona then tends to weaken against the euro.

The gap in policy rates between the ECB and the Riksbank is a key driver of the pair : when the Riksbank eases its policy faster than the ECB, the krona tends to weaken ; conversely, a rebound in European demand or a Swedish tightening can support it. In recent years, the SEK has set multi-year lows against the euro, against a backdrop of moderate growth and easing inflation. To choose your moment, compare the real rate before each exchange on our currency converter.

Written by Brice Delhome.