Trade EURSEK

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Thinking of trading EURSEK?

    1. Even though Sweden used to be an agricultural country, it has developed competitive engineering, steel and mining industries that allow it to compete on an international scale. 2. The export industry has proven to be a robust one, and Sweden is a massive export player. It has acted as a main engine for the country's economic growth since before the EURO was even introduced.
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Since 1873 the Swedish Krona, represented by the code SEK, has been the country's legal tender. Even though Sweden was scheduled to join the EU as soon as the criteria had been met, the country is successfully avoided it as the support from the general public is rather low. The Riksbanken (Swedish central bank) is the oldest central bank in the world, it was established in 1668. The SEK was introduced in 1873, replacing the Riksdaler after the Scandinavian Monetary Union was established. Unlike the SEK the EUR is a very new currency, it was introduced in 1999, and even though it does not date back to the 17th century, the EUR has become one of the most traded currencies in the world. Riksbank and ECB monetary policies will affect the value of the pair. The SEK tends to strenghten whenever the difference between the Interest rates of the USD and the SEK widens. Another curious positive correlation is that one of the S&P 500 and the SEK. Last but not least, the EUR/SEK is likely to see a drop (as the SEK strenghtens) when the price of oil rises.

1. The SEK would be considered the opposite of a Safe haven currency, it strengthens when the markets are rowdy and it weakens at times of risk aversion, this means that any movement on Gold and CHF should give investors a heads up to what could be happening to the EUR/SEK. 2. Sweden ?s main trade partners are USA, Germany, the UK, Norway, Finland and Denmark. Sweden's dependency on the EU will then require investors to keep an eye on European economic indicators as this could impact the export levels.

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