Live and Historical EUR/SEK Rates
This chart compares the value of the euro (EUR) against the Swedish krona (SEK)-how many krona will purchase one euro. The euro is a major currency but the krona is not, and the EUR/SEK combination does not form any major or commodity pairs.
EUR was introduced into the world market in 1999. It is the national currency to 21 European nations and has dominating influence on 23 other currencies pegged to it. It follows the US dollar as the second most traded currency and the second largest reserve currency. Even though the European Central Bank officially controls EUR, the currency is determined by the market. In spite of all this, the euro remains controversial for several reasons. First, not all members of the European Union (EU) have adopted EUR as the official currency. Lastly, EUR is seen as weakening as the individual economies in the EU weaken. No one knows just how much fiscal control must exist for the EU nations who share the euro as their currency.
The Swedish Krona
In English the direct translation of the Swedish krona is “crown,” and the currency is sometimes referred to as such. It was added in 1873, under the authority of the Scandinavian Monetary Union. At the time, the currencies of all three countries were on the Gold Standard. Today, the krona is used both in Sweden and in the Åland Islands, where the Euro is also accepted. The krona is divided into the subunit of öre, which is 1/100 of a krona, though the krona is the unit in practical use. Sweden’s primary exports are machinery, automotives and timber products, and the major trading partners are all in the EU.
Since Sweden is heavily dependant on the EU for trade, the values of both currencies move together. Because Sweden is a relatively successful economy, there will be increasing pressure for it to accept the euro. Still, there are a few opportunities to profit from this pair, because the two currencies are so closely coupled. Any instabilities in the euro because of problems in its constituent nations may offer a profitable differential. Adjustments in any of the constituent Swedish industries may also provide a small opportunity.