Krona reaches all time high; Volvo secures major U.S. government contract in Iraq.
The Swedish krona hit an all-time high versus the euro Monday and although it retreated quickly, analysts say it should soon stabilize thanks to strong growth and the prospect of higher interest rates.
Analysts say the fundamentals for the krona are outright positive and the Swedish economy has a far bigger growth potential than the European economy. The krona has also been firming steadily against the U.S. dollar in recent months.
In other business news: Swedish truck and equipment maker Volvo has landed U.S. government contracts to deliver construction equipment to Iraq.
The contracts, worth roughly 30 million dollars, are for delivering more than 200 units of construction equipment to the Iraqi government over the next two years.
Only companies based in countries within the World Trade Organization or in the U.S.-led coalition in Iraq were eligible to bid for the contracts, which will go toward rebuilding the war-torn country.