Reversing an early morning downtrend, the Swedish currency edged higher against its U.S. rival in early trading on Wednesday. The Swedish krona that dropped to a 5-day low of 8.2029 versus the buck early in the European session bounced back and hit as high as 8.0722 around 7:00 am Eastern Time. The pair, which closed yesterday's deals at 8.1235, is currently trading at 8.1247.

Traders weighed the Statistics Sweden report showing the trade surplus stood at SEK 9.5 billion in February, up from SEK 6.2 billion in January. Economists had predicted a surplus of SEK 8.5 billion. A year ago, the trade surplus was SEK 15.5 billion. Exports decreased 24% year-on-year to SEK 80.3 billion in February, while imports dropped 22% to SEK 70.8 billion.

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