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Swedish Krona Slides To 5-1/2-month Low Versus Euro After Inflation Data

The Swedish Krona declined against the euro in the European session on Tuesday, as a data showed that the nation's consumer inflation worsened in January.

Data from Statistics Sweden showed that the CPI dropped 1.0 percent on a monthly basis from December, when prices grew by 0.4 percent.

Year-on-year, the CPI rose 1.9 percent after a 2.0 percent increase in the previous month. Economists had forecast a 2.2 percent growth.

The Swedish currency fell to a 5-1/2-month low of 10.6218 versus the euro from yesterday's closing value of 10.4656. If the Krona drops further, 11.00 is possibly seen as its next support level.

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