February 27, 2018 / 4:00 PM / 10 months ago

Swedish crown falls to weakest level against euro in 8 years

STOCKHOLM, Feb 27 (Reuters) - The Swedish crown fell against the euro to the weakest level in 8 years on Tuesday, after new data confirmed market worries that the central bank might have to delay its first rate hike since 2011.

Swedish consumer confidence fell in February from the month before, signalling slower inflation and making it harder for the Riksbank to start raising rates from the record-low level of -0.50 percent.

The crown fell to around 10.08 against the euro, the weakest level since February 2010, after the data was published.

“We have the world’s lowest rates, that’s not a good thing for a currency,” said Richard Falkenhall, forex analyst at SEB.

The world’s oldest central bank said after its latest monetary policy meeting earlier this month that it is still aiming to start normalising policy in the second half of this year. (Reporting by Johan Sennero Editing by Peter Graff)

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