The Swedish krona tumbled to its weakest level in four years against the dollar as the central bank’s decision to cut its main interest rate to zero damped demand for the Nordic currency.
“People were anticipating a fairly decisive action, but weren’t necessarily considering that they were going to go all the way to slash and burn and get us down to zero,” said Jeremy Stretch, head of foreign-exchange strategy at Canadian Imperial Bank of Commerce in London. “That’s obviously the slight surprise.”
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