Investing.com investing.com 23 Dec, 2020 06:00 am

FX 2020 Year In Review: Swedish Krone Wears The Crown

FX 2020 Year In Review: Swedish Krone Wears The Crown
Forex Analysis by Matthew Weller covering: GBP/USD, USD/CAD, USD/SEK, USD/NOK. Read Matthew Weller's latest article on Investing.com

For one, the US dollar fell against every one of its major rivals as the US struggled to contain the COVID-19 pandemic, ultimately resorting to aggressive fiscal and monetary stimulus to keep the economy running while vaccines were developed, approved, and (now) distributed.Likewise, the British pound fell against almost all of its major rivals this year amidst many of the same themes, and of course the ever-looming threat of a potential no-deal Brexit.As the chart below shows, Sweden’s currency gained ground against all its major rivals this year, tacking on upwards of 10% against laggards like the US dollar, Canadian dollar , Norwegian krone , and British pound: p Why was the SEK so strong in 2020?Yesterday reversed up and became a buy signal bar.

Today triggered the buy signal by going above.When it comes to central bank policy, Sweden’s Riksbank held firm in 2020 compared to many other major central banks.

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