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Pound Sterling Swedish Krona (GBP/SEK) Exchange Rate Rises as Brexit Cross-Party Talks Set to Continue

May 13, 2019 - Written by John Cameron

Pound Swedish Krona (GBP/SEK) Exchange Rate Rises Ahead of Further Cross-Party Talks

The Pound Sterling Swedish Krona (GBP/SEK) Exchange Rate rose and the pairing is currently trading at an inter-bank rate of 12.5509Kr.

Speaking to the Guardian, Sir Keir Starmer, Shadow Brexit Secretary said that a cross-party Brexit deal will not get through Parliament unless there is a fresh public vote.

Cross-party discussions between the Government and the Labour party have been going on for more than a month with reports of little apparent headway.

The Shadow Brexit Secretary also added that he would not be afraid to end the talks as soon as this week if Theresa May did not budge on her ‘red lines’.

However, it has been suggested by analysts that because cross-party talks are set to continue, it has stopped the Pound from sliding.

Swedish Krona (SEK) Slips as China Responds to Trump’s Tariffs

The escalation in the US-China trade tensions likely weighed on the Swedish Krona as risk-appetite remained fragile.

On Friday the US slapped $200 billion of Chinese goods with 25% tariffs and now the US is drawing up plans for similar tariffs on $300 billion worth of goods.

On Sunday, White House Chief Economic Advisor, Larry Kudlow revealed that they expected China to respond.

Meanwhile, speaking to reporters in Beijing without explicitly stating how China would respond, Foreign Ministry Spokesman Geng Shuang said:

‘China will never surrender to external pressure. We have the confidence and the ability to protect our lawful and legitimate rights.’

China’s People’s Daily Newspaper reiterated this message, and the state-controlled newspaper stated:

‘China has been pushing forward the bilateral talks with a high sense of responsibility and maximized sincerity, but it will never yield to the extreme pressure from the US, or compromise on matters of principle.’

Pound Swedish Krona Outlook: Will GBP/SEK Slide on Higher than Forecast Swedish CPI?

Looking ahead to Tuesday, the Swedish Krona (SEK) could rise against the Pound (GBP) following the release of the Swedish Consumer Price Index (CPI).

If CPI rises higher than forecast, it could provide the Swedish Krona with an upswing of support.

Meanwhile, the Pound could rise following the release of the UK ILO unemployment rate.

If unemployment continues to remain at lows that have not been seen since the end of 1975, the Pound Swedish Krona (GBP/SEK) exchange rate could rise.

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