The Swedish krona and Australian dollar look set to lead foreign exchange markets through the recovery phase following the coronavirus crisis, according to ING analysts.
When combined with its lack of exposure to commodity prices, this renders the krona well positioned for a "cautious recovery in sentiment towards G-10 currencies in coming months" and makes it the most attractive in this group of 10 major economies, according to ING's models.
As of Friday morning, the krona was trading at around 9.78 to the dollar. Since the start of the year the greenback is higher by 4.6% against the Swedish currency, but the dollar has fallen more than 2.6% against the krona this week.The Australian dollar was ranked second by ING when compared to the other G-10 currencies.
"Australia's biggest export, iron ore, is proving particularly resilient thanks to relatively stable demand from China and lingering supply shortage from Brazil," Turner outlined in the note, adding that the country's success so far in flattening its coronavirus contagion curve may further bolster its recovery prospects.
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