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Forex Flash: Swedish FinMin expresses concern about Krona strength - BBH

FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note that the Swedish Finance Minister Borg has expressed concern over the strength of the Krona.

They note that the country had generally accepted the best practices as they have emerged from the G7/G20 meetings (G7 meeting this weekend) regarding currencies, namely, FX rates are best determined in the market and ought not to be the objective of policy. However, they see that comments that Borg made in Nigeria yesterday are being seized upon by some observers and reporters as a changing of policy. Nevertheless, they feel that this seems to be an exaggeration as Borg is quoted saying that "The krona could become an issue, particularly from the central bank perspective; there are some good arguments for them to consider how to look at the krona...It should be based on fundamentals and obviously priced on the market, but there are also some risks you'll see too much of an appreciation. That's obviously one of the worries we have." The team see this as general observations and would most certainly not expect a Swedish finance minister to indicate a currency policy shift on a trip to Africa.

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