13 Jan 2015
EUR/SEK in lows around 9.4200
FXStreet (Edinburgh) - The Swedish krona intensifies its appreciation on Tuesday, dragging EUR/SEK to test session lows in the 9.4200 area.
EUR/SEK losing ground post-data
The selling pressure in the scandi cross has gathered steam after consumer prices in Sweden rose 0.2% on a monthly basis during December, leaving behind November’s contraction of 0.2%; on a yearly basis, prices dropped 0.3% vs. -0.2% previous. “While intervention in the FX market by the Riksbank to weaken the SEK is one option, for now, we think governor Ingves will prefer to consider other options to steer inflation higher towards the target”, assessed Analyst kristoffer Lomholt at Danske Bank.
EUR/SEK significant levels
The cross is now retreating 1.07% at 9.4346 with the immediate support at 9.3949 (daily trend support) and then 9.3810 (low Jan.8). On the upside, a breakout of 9.5751 (high Jan.13) would expose 0.5849 (high Jan.12).
EUR/SEK losing ground post-data
The selling pressure in the scandi cross has gathered steam after consumer prices in Sweden rose 0.2% on a monthly basis during December, leaving behind November’s contraction of 0.2%; on a yearly basis, prices dropped 0.3% vs. -0.2% previous. “While intervention in the FX market by the Riksbank to weaken the SEK is one option, for now, we think governor Ingves will prefer to consider other options to steer inflation higher towards the target”, assessed Analyst kristoffer Lomholt at Danske Bank.
EUR/SEK significant levels
The cross is now retreating 1.07% at 9.4346 with the immediate support at 9.3949 (daily trend support) and then 9.3810 (low Jan.8). On the upside, a breakout of 9.5751 (high Jan.13) would expose 0.5849 (high Jan.12).