EUR/SEK off multi-year tops, around 10.28

• The cross tests the vicinity of 10.30, or multi-year peaks.
• Swedish Retail Sales came in below expectations in February.
• Riksbank’s Skingsley favoured raising rates before the ECB.

The Swedish Krona is extending the decline on Wednesday and is now pushing EUR/SEK to fresh multi-year tops in the boundaries of the 10.3000 milestone.

EUR/SEK higher on data

SEK depreciated further earlier today and clinched fresh lows in levels near the critical 10.3000 region, area last traded in December 2009.

The Krona gathered extra downside pressure after Retail Sales in the Scandinavian economy expanded less than expected 0.3% in February and 1.5% over the last twelve months.

The data added to yesterday’s poor results in the Nordic docket, where consumer Confidence missed estimates in March, Producer Prices contracted 0.5% during last month and the trade deficit widened to SEK 3.40 billion during the same period.

In the meantime, SEK remains under heavy pressure amidst the dovish stance from the Riksbank, lack of traction in the domestic inflation and high household debt levels.

Still around SEK, Riksbank’s Deputy Governor C.Skingsley said earlier in the morning that the Riksbank could hike rates earlier than the ECB.

EUR/SEK levels to consider

As of writing the cross is gaining 0.65% at 10.2769 facing the next hurdle at 10.2986 (2018 high Mar.28) seconded by 10.5287 (monthly high Dec.2009) and finally 10.5470 (monthly high Nov.2009). On the other hand, a breach of 10.2503 (high Mar.7) would expose 10.1503 (21-day sma) and then 10.0488 (low Mar.20).