After rising to near a 7-week high, the Swedish currency edged down against its U.S. counterpart in early trading on Tuesday. The Swedish krona that rose to 7.9176 against the buck by 2:45 am Eastern Time, reversed direction thereafter and dropped as low as 8.0737 before leveling off towards the mid-morning. The greenback-krona pair that was worth 7.9733 at Monday's North American close is currently trading near 8.042.
The Swedish currency lost ground after the Statistics Sweden announced that the producer price index or PPI rose 3.4% year-over-year in February, slower than the 3.9% increase in the previous month. The February inflation came in line with economists' expectation. Month-on-month, producer prices dropped 0.2% in February, in contrast to a 0.9% rise in the previous month.
Export price index rose 5.5% year-on-year in February, compared with a 5.8% rise in the previous month. At the same time, import prices rose 0.1% versus 1.1% rise in January.
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