Live and Historical USD/SEK Rates
This chart shows the value of the United States dollar (USD) against the Swedish krona (SEK)- how many Swedish krona it takes to purchase one United States dollar. USD is a major currency on the world market, while SEK is not. USD/SEK does not form a major pair or a commodity pair.
The U.S. Dollar
The United States dollar is the most widely traded currency in the world. It is also the most common reserve currency. The euro is the next most common, but the dollar is ahead by more than double. Before the market wide push to float currencies in the ’70’s, all currencies were pegged to the US. Today, the majority of dollars are held outside the United States. USD is also the national currency for seven countries other than the United States; and twenty-three other countries have their currencies pegged to USD. The Federal Reserve controls USD by raising and lowering the lending interest rate.
The Swedish Krona
In English, krona means “crown”, and in some venues, SEK is called “crown.” It was added to the market in 1873, under the authority of the Scandinavian Monetary Union, which included Denmark and Norway. At the time, the currencies of all three countries were on the Gold Standard. The krona floats, and it functions under a managed system. Unlike other EU members, Sweden has resisted adoption of the Euro as its national currency by using a loophole that involves not joining the European Exchange Rate Mechanism. Primary exports include machinery, automobiles, and timber-related products. Most of Sweden’s trade partners are in the Eurozone.
It is impossible effectively trade the USD/SEK pair without also watching EUR/USD. There are several complicating factors, however. Sweden also has a close relationship with the other Scandinavian nations, and sometimes the krona moves more independently from the euro. Another complicating factor is the amount of exports that Sweden sends to the US. Any political adjustments in this flow of trade have an obvious affect. The activist US Fed is also a constant influence on the dollar. Finally, any political indication that Norway might move to the euro is an important factor on the value of the krona.