US$ strengthens, Swedish unit falls on rate cut

London

THE Swedish crown sank one per cent on Thursday after Sweden's central bank surprised markets by cutting interest rates deeper into negative territory and saying it would pump more money into the economy, citing risks from Greece.

The US dollar, meanwhile, hit a three-week high against a basket of major currencies, as investors geared up for a deluge of US data that could back expectations for the Federal Reserve to lift interest rates.