The Krona has lifted by about 50 öre against the euro in just over five weeks. This means that the Swedish currency has effectively wiped out the entire fall against the euro earlier this year.
The upward trend has gained momentum at the beginning of June.
The krona's strengthening in May was marked. It occurred despite the Riksbank's decision to lower the central bank's key interest rate for the first time in eight years at the beginning of May - before the expected rate cuts by the European Central Bank (ECB) and the US Federal Reserve (Fed).
Those planning trips to Europe or the US this summer can rejoice at the development. The strengthening of the krona also increases the likelihood that interest rates for households and businesses in Sweden can continue to fall.
Riksbank Governor Erik Thedéen has likely contributed to the lift in the Swedish currency with a series of statements that effectively ruled out market expectations of a rate cut in June.
The krona has since gained new momentum in June, partly due to an unexpectedly strong purchasing managers' index for Swedish industry in May combined with an unexpectedly weak purchasing managers' index for the US industry. The weak US figure opens the door for the Fed to cut interest rates - in September, according to experts.
In the short term, the exchange rate can be influenced by the ECB's views on the outlook for further rate cuts after the expected cut this week. There will also be new jobless figures from the US on Friday, which can affect the exchange rate.
An unexpectedly weak labor market in the US increases the likelihood of the Fed cutting interest rates. This usually boosts global risk appetite and contributes to a stronger krona. However, if there are again unexpectedly strong job figures from the US, speculation about the Fed having to raise interest rates again may gain momentum.
How Fed Chairman Jerome Powell chooses his words in conjunction with the interest rate decision next week can also determine the direction of the krona going forward.
New Swedish inflation figures from Statistics Sweden (SCB) will be released on Friday next week, an important piece of the puzzle for the Riksbank's future interest rate decisions.
The next interest rate decision from the Riksbank is scheduled for June 27.
There has been a welcome jolt in the travel budget in recent weeks for those planning trips to Europe or the US this summer.
Against the dollar, the lift over five weeks has been a total of 60 öre, to 10.42 kronor per dollar. However, there is still 20 öre for the krona to regain to return to the exchange rate at the beginning of the year.
The British pound, like the euro, has become almost 50 öre cheaper since the end of April. However, like with the dollar, there is still a bit to go for the krona to return to the exchange rate against the pound at the beginning of the year - namely around 30 öre.