EUR/SEK jumps to highs near 9.4850 on data

The Swedish Krona is sharply depreciating vs. its European peer today, taking EUR/SEK to daily highs in the mid-9.4800s.

EUR/SEK higher post-data

The cross has seen its upside accelerated after Manufacturing Confidence and Consumer Confidence have both missed expectations for the current month.

Further data in the Nordic economy saw Producer Prices contracting at a monthly 0.3% during July, the jobless rate ticking lower to 6.3% in July from 7.6% in the previous month and Household Lending Growth expanding 7.6% on a year to July.

The cross is snapping two consecutive session with losses, managing to rebound from yesterday’s multi-day lows in the 9.4330 area.

EUR/SEK levels to consider

As of writing the cross is gaining 0.19% at 9.4787 and a breakout of 9.4941 (20-day sma) would open the door to 9.5186 (high Aug.17) and finally 9.6056 (high Aug.2). On the downside, the immediate support aligns at 9.4337 (low Aug.24) followed by 9.4003 (low Aug.11) and finally 9.3302 (200-day sma).