The factors should be more than 3 factors. Interest Rate Differentials: Central bank policy differences drive currency values. Higher Swedish rates attract investment, boosting SEK versus USD, conversely.

Economic Growth: Stronger Swedish GDP typically supports SEK. US economic performance influences USD demand similarly. Relative growth matters.

Inflation Rates: Lower Swedish inflation compared to the US can strengthen SEK as purchasing power holds better. Higher US inflation weakens USD.

Risk Sentiment: Global risk appetite affects demand for safe-haven currencies like USD. Uncertainty usually benefits USD, weakening riskier SEK.

Commodity Prices: Sweden is commodity-exporting country, so higher prices (especially for things like iron ore) usually helps SEK. The US dollar's effect varies based on the specific commodity involved.

Geopolitical Events: Major political or global events can spur volatility and impact investor confidence in either currency, causing swings in SEKUSD.

Swedish Trade Balance: A sustained Swedish trade surplus (exports exceed imports) generally favors SEK strength, while a deficit can weaken it.