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1 Sep 2015
EUR/SEK in fresh highs above 9.54
FXStreet (Edinburgh) - The Swedish krona is depreciating further vs. the shared currency on Tuesday, lifting EUR/SEK to test daily peaks beyond the 9.5400 handle.
EUR/SEK stronger on data
The cross is navigating weekly highs after the final manufacturing PMI for the month of August came in on the softer side at 53.2 vs. forecasts at 54.8 and down from July’s 55.2.
All eyes will be on the Riksbank’s meeting this week, as market expectations on a potential rate cut remain divided in light of the better inflation figures and GDP result in the domestic economy vs. the softness seen in other key indicators.
EUR/SEK relevant levels
As of writing the cross is up 0.43% at 9.5362 facing the next resistance at 9.5824 (high Aug.20) followed by 9.6078 (high Aug.24) and finally 9.6481 (high Aug.25). On the flip side, a break below 9.5074 (low Sep.1) would open the door to 9.4649 (low Aug.31) and then 9.4235 (low Aug.19).
EUR/SEK stronger on data
The cross is navigating weekly highs after the final manufacturing PMI for the month of August came in on the softer side at 53.2 vs. forecasts at 54.8 and down from July’s 55.2.
All eyes will be on the Riksbank’s meeting this week, as market expectations on a potential rate cut remain divided in light of the better inflation figures and GDP result in the domestic economy vs. the softness seen in other key indicators.
EUR/SEK relevant levels
As of writing the cross is up 0.43% at 9.5362 facing the next resistance at 9.5824 (high Aug.20) followed by 9.6078 (high Aug.24) and finally 9.6481 (high Aug.25). On the flip side, a break below 9.5074 (low Sep.1) would open the door to 9.4649 (low Aug.31) and then 9.4235 (low Aug.19).