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Swedish Krona Gains Ground Against Norwegian Krone
Feb 7, 2025

Swedish Krona Gains Ground Against Norwegian Krone

The Swedish krona has recently climbed to a five-week high against the Norwegian krone, marking the potential onset of a rally fueled by diverging central bank policies. Bloomberg reports that analysts anticipate the Riksbank will keep interest rates unchanged until June, while the Norges Bank is expected to make its first easing move in March.

With money markets pricing that the Norges Bank will ease policy by an extra 30 basis points compared to the Riksbank by June, speculations have shifted significantly from last month when Swedish policymakers seemed poised to cut rates by a greater margin than their Norwegian counterparts. This shift in rate expectations is likely to provide broad support to the Swedish krona, potentially driving the Norwegian krone down to 0.95 Swedish krona in the months ahead, potentially hitting a low not seen since late 2023.

The economies of Sweden and Norway, while closely interconnected, have seen their currencies diverge recently. This is attributed to the impact of fluctuating oil prices, which affect the krone, and variations in risk appetite, to which the krona is more sensitive. Swedish Riksbank Governor Erik Thedeen has cautioned against complacency regarding inflationary pressures, highlighting the influence of rising producer prices and increased global food prices. ING Bank's FX strategist, Francesco Pesole, observed that there is a growing case against further rate cuts, indicating the Riksbank's satisfaction with current rates amid signs of recovery in economic activity and housing.

In contrast, Norway's central bank held borrowing costs steady at a 16-year high in January. Norges Bank Governor Ida Wolden Bache indicated that a policy rate reduction is likely forthcoming in March, signaling a potential easing path that could further impact the NOK/SEK exchange rate dynamics.

Source: IndexBox Market Intelligence Platform

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
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    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. CONSUMPTION BY COUNTRY
    3. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

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    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
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  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

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    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
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    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
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  7. 7. GLOBAL PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE
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  8. 8. GLOBAL IMPORTS

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    1. IMPORTS FROM 2012–2024
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  9. 9. GLOBAL EXPORTS

    The Largest Exporters on The Market and How They Succeed

    1. EXPORTS FROM 2012–2024
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  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

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  11. 11. COUNTRY PROFILES

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    • United States
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    • India
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    • Republic of Korea
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    • Indonesia
    • Netherlands
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    • Switzerland
    • Sweden
    • Nigeria
    • Poland
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  12. LIST OF TABLES

    1. Key Findings In 2024
    2. Market Volume, In Physical Terms, 2012–2024
    3. Market Value, 2012–2024
    4. Per Capita Consumption, By Country, 2018–2024
    5. Production, In Physical Terms, By Country, 2012–2024
    6. Imports, In Physical Terms, By Country, 2012–2024
    7. Imports, In Value Terms, By Country, 2012–2024
    8. Import Prices, By Country Of Destination, 2012–2024
    9. Exports, In Physical Terms, By Country, 2012–2024
    10. Exports, In Value Terms, By Country, 2012–2024
    11. Export Prices, By Country Of Origin, 2012–2024

  13. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2024
    2. Market Value, 2012–2024
    3. Consumption, By Country, 2024
    4. Market Volume Forecast to 2030
    5. Market Value Forecast to 2030
    6. Products: Market Size And Growth, By Type
    7. Products: Average Per Capita Consumption, By Type
    8. Products: Exports And Growth, By Type
    9. Products: Export Prices And Growth, By Type
    10. Production Volume And Growth
    11. Exports And Growth
    12. Export Prices And Growth
    13. Market Size And Growth
    14. Per Capita Consumption
    15. Imports And Growth
    16. Import Prices
    17. Production, In Physical Terms, 2012–2024
    18. Production, In Value Terms, 2012–2024
    19. Production, By Country, 2024
    20. Production, In Physical Terms, By Country, 2012–2024
    21. Imports, In Physical Terms, 2012–2024
    22. Imports, In Value Terms, 2012–2024
    23. Imports, In Physical Terms, By Country, 2024
    24. Imports, In Physical Terms, By Country, 2012–2024
    25. Imports, In Value Terms, By Country, 2012–2024
    26. Import Prices, By Country, 2012–2024
    27. Exports, In Physical Terms, 2012–2024
    28. Exports, In Value Terms, 2012–2024
    29. Exports, In Physical Terms, By Country, 2024
    30. Exports, In Physical Terms, By Country, 2012–2024
    31. Exports, In Value Terms, By Country, 2012–2024
    32. Export Prices, 2012–2024

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