27 Jan 2015
EUR/SEK keeps highs post-data
FXStreet (Edinburgh) - The Swedish krona is depreciating vs. the single currency on Tuesday, pushing EUR/SEK to the area of session highs in the upper-9.3300s.
EUR/SEK stronger after Sweden releases
The Nordic cross is climbing higher after Producer Prices in the Swedish economy contracted at a monthly pace of 0.3% and 0.1% on a year to December. Further data showed the trade balance posted a SEK 0.40 billion surplus during the same period, up from November’s SEK 0.1 billion deficit.
“On a 3-12M basis, we think that risks in EUR/SEK are skewed to the downside with support from growth and monetary policy divergence”, suggested Stefan Mellin, Senior Analyst at Danske Bank.
EUR/SEK relevant levels
The cross is now gaining 0.08% at 9.3374 with the next hurdle at 0.4735 (high Jan.19) ahead of 9.4855 (high Jan.16) and then 9.6012 (high Jan.15). On the flip side, a breakdown of 9.3015 (low Jan.23) would expose 9.2914 (100-d MA) and finally 9.2410 (low Dec.1).
EUR/SEK stronger after Sweden releases
The Nordic cross is climbing higher after Producer Prices in the Swedish economy contracted at a monthly pace of 0.3% and 0.1% on a year to December. Further data showed the trade balance posted a SEK 0.40 billion surplus during the same period, up from November’s SEK 0.1 billion deficit.
“On a 3-12M basis, we think that risks in EUR/SEK are skewed to the downside with support from growth and monetary policy divergence”, suggested Stefan Mellin, Senior Analyst at Danske Bank.
EUR/SEK relevant levels
The cross is now gaining 0.08% at 9.3374 with the next hurdle at 0.4735 (high Jan.19) ahead of 9.4855 (high Jan.16) and then 9.6012 (high Jan.15). On the flip side, a breakdown of 9.3015 (low Jan.23) would expose 9.2914 (100-d MA) and finally 9.2410 (low Dec.1).