Krona rides tech rollercoaster

MARKET NEWS

STOCKHOLM -- The Swedish krona weakened against the major currencies early last week, after the country’s main equity index slumped on the back of weak earnings from telecoms giant Ericsson.

Ericsson reported a Skr3.7 billion ($3 billion) loss last Monday (April 22), which prompted investors -- 50% of whom are not Swedish -- to dump its shares. This provoked widespread selling of the currency, which by the end of the week had lost around 1% against the euro and the dollar.

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