Euro remained near its lowest level since 2015

The Swedish Krona rose against the Euro on Thursday after Sweden’s Central Bank raised its key interest rate by 50 basis points, as expected.

On the other hand, the price of the euro stabilized against the major currencies and remained near its lowest level since 2015 against the Swiss franc and near its lowest level in two weeks against the dollar, with the increased demand for safe havens due to renewed fears of raising interest rates and the global economic stagnation.

The Swedish crown rose 0.1 percent against the euro to 10.6810 by 0830 GMT, after briefly jumping 0.4 percent to 10.6410 crowns per euro after the Swedish central bank raised interest rates to 0.75 percent.

The euro is about to record the worst quarterly performance against the dollar since the end of 2016, approaching a decline of 5.6 percent in the second quarter.

The euro fell 0.1 percent against the dollar to $1.0434, after falling 0.75 percent on Wednesday.

The European Central Bank is expected to raise interest rates in July for the first time in nearly a decade in an attempt to contain soaring inflation. Economists are divided over the size of the increase amid concerns that a higher borrowing rate could further weaken the economy.

The dollar remained high against most major currencies, with the sterling falling 0.2 percent against the dollar to $1.2149.

On Thursday, the dollar traded slightly below its highest level in 24 years against the Japanese yen of 137 yen to the dollar, which it touched on Wednesday.

In the cryptocurrency market, Bitcoin fell below the $20,000 level, extending its losses.