The Euro to Swedish Krona (EUR/SEK) exchange rate weakened on Wednesday as worries over a Greek default and a possible increase by the European Central Bank to speed up the pace of its bond-buying stimulus programme weighed heavily on the single currency, Euro Exchangerate News said.

The Swedish Krona advanced against the Euro despite the release of data, which showed that the nation’s unemployment rate increased more-than-expected in April. According to Statistics Sweden, the unadjusted jobless rate rose to 8.3% in April from a three-month low of 8% in March, the report added. 

‘Moody’s said: The outlook for the Greek banking system is negative, primarily reflecting the acute deterioration in Greek bank’s funding and liquidity. These pressures are unlikely to ease over the next 12-18 months and there is a high likelihood of an imposition of capital controls and a deposit freeze,’.