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The Swedish krona has been on its back foot versus the euro and yesterday\u2019s decline in retail sales shows a considerable drop in activity. The report overshadowed the stability that was added to the country\u2019s central bank the as Chairman Stefan Ingves<\/a> was re-elected to another 6-year term as head of the Riksbank.<\/p>\n <\/span>The krona has struggled to find footing versus the euro and yesterday was no different. Swedish retail sales numbers for the month of May contracted from the previous year by -1.1%. The data was off from the April numbers which showed a sharp 5.6% y\/y gain. <\/p>\n The negative retail sales report overshadowed the additional 6-year term that was granted to current Chairman of the Riksbank Stefan Ingves. Despite the fact that 6-months remain in his current term, the Riksbank was out in front of the markets to announce Invges\u2019 extension. This will provide a level of stability for the Swedish central bank and serve to underline its independence from Swedish political pressures. Such a situation is needed for proper management of Swedish monetary policy which faces rising inflationary pressures due to strong economic growth and rising wages. <\/p>\n
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