GBP/SEK settles below 1-month high, posts weekly loss

The GBP/SEK currency pair settled below recent high of 12.7260, its strongest level since September 19th, after the latest UK GDP growth and Swedish CPI data.

The British economy grew 0.1% month-over-month in August after a 0.1% contraction in the prior month and matching market expectations.

Growth was mostly supported by manufacturing (+0.7%), electricity, gas, steam and air conditioning supply (+0.4%) and water supply, sewerage, waste management and remediation activities (+0.3%).

UK’s services sector registered no overall growth for a second straight month.

Meanwhile, Sweden’s annual consumer inflation has eased to 0.9% in September from 1.1% in August, confirming the preliminary estimate.

Still, the latest reading has remained well below the Riksbank’s 2% target.

And, Sweden’s consumer price index with a fixed interest rate (CPIF), Riksbank’s target variable for inflation, went up 3.1% year-on-year in September, easing from 3.2% YoY in August.

The exotic Forex pair lost 0.21% for the week.