17 Feb 2015
EUR/SEK breaches 9.52 on CPI
FXStreet (Edinburgh) - The Swedish krona is picking up pace vs. the shared currency on Tuesday, dragging EUR/SEK to session lows in sub-9.52 levels.
EUR/SEK weaker after CPI
The cross is trading on the back footing after key consumer prices in the Nordic economy contracted 1.1% on a monthly basis during January and 0.2% over the last twelve months, vs. forecasts for a contraction of 0.9% and 0.2%, respectively.
Inflation figures have grown in importance for the Riksbank as of late, following the recent rate cut into negative ground for the first time ever. In addition, the central bank remains vigilant and another rate cut before/at the March meeting has not been ruled out.
EUR/SEK levels to consider
The cross is now losing 0.29% at 9.5208 and a breach of 9.4650 (low Feb.12) would expose 9.4330 (50-d MA) and finally 9.3848 (low Feb.5). On the upside, the immediate resistance aligns at 9.6894 (high Feb.12) followed by 9.7297 (high Dec.16) and then 9.7880 (high May 26 2010).
EUR/SEK weaker after CPI
The cross is trading on the back footing after key consumer prices in the Nordic economy contracted 1.1% on a monthly basis during January and 0.2% over the last twelve months, vs. forecasts for a contraction of 0.9% and 0.2%, respectively.
Inflation figures have grown in importance for the Riksbank as of late, following the recent rate cut into negative ground for the first time ever. In addition, the central bank remains vigilant and another rate cut before/at the March meeting has not been ruled out.
EUR/SEK levels to consider
The cross is now losing 0.29% at 9.5208 and a breach of 9.4650 (low Feb.12) would expose 9.4330 (50-d MA) and finally 9.3848 (low Feb.5). On the upside, the immediate resistance aligns at 9.6894 (high Feb.12) followed by 9.7297 (high Dec.16) and then 9.7880 (high May 26 2010).