Unexpected big rate cut in Sweden

|By:, SA News Editor

The Swedish krona is the world's worst performing currency today after the Riksbank unexpectedly slashes its benchmark rate by 50 basis points to 0.25%. A cut had been expected, but the size of the reduction has taken most by surprise.

The move comes following the ECB's rate cut last month, and with the zero bound fast-approaching, some suggest the Riksbank will have to look to unconventional measures next.

The OMX Stockholm 30 Index is up 1.1%