EUR/SEK – Live and Historical Rates
The EUR/SEK pair is neither a major, nor a commodity currency pair. The Euro is obviously a major currency, while the SEK is not. The chart above illustrates the number of SEK one has to pay to buy a EUR.
The EUR
Introduced in 1999, the Euro is currently the common currency of the Eurozone, which is indeed the largest economy in the world. Despite the fact that its story has been one of overwhelming success thus far, the EUR is increasingly viewed as a cumbersome construct, priced way to low for some of the Eurozone economies (Germany) and way too high for others (Greece), which acts as shackles on growth and which has to be reformed. The EUR is the second most traded currency in the world and it is the second largest reserve currency. It is currently the official legal tender of 21 countries, and 6 more are compelled by treaty to join in eventually. Interest towards joining the Eurozone has waned though, in the wake of the 2008 financial crisis, which exposed some of the vulnerabilities of the EUR.
The SEK
First introduced under the authority of the Scandinavian Monetary Union in 1873, the Swedish Krone (or Crown) is theoretically supposed to be replaced by the EUR sometime. Sweden is indeed compelled by its EU accession treaty to join the common currency and to drop the SEK, but it has thus far ignored this obligation, despite the fact that – unlike Denmark – it does not have an opt-out in this regard.
Sweden’s economy is heavily dependent on trade with the Eurozone.
EURSEK Analysis
As an EU member, Sweden’s economy is heavily dependent on trade with other EU nations and with the Eurozone. Thus, the SEK is closely correlated with the EUR, which means that trading opportunities involving this pair will be few and far between. Machinery, automotive and timber product price-changes will have some impact on the EUR/SEK though.
See more popular forex charts