11 Jun 2015
EUR/SEK nose-dives to 9.2800 on CPI
FXStreet (Edinburgh) - The Swedish krona is sharply higher vs. the euro on Thursday, dragging EUR/SEK to the area of 9.2800, or 2-week lows.
EUR/SEK lower post-CPI
The krona saw its demand increasing after inflation figures in the Swedish economy have risen more than expected during the last month. In fact, consumer prices rose at an annual pace of 0.1% while prices advanced 0.3% on a monthly basis, up from a 0.2% contraction and a flat reading, respectively.
The data add to yesterday’s Prospera survey for the month of June, reporting that market participants now expect inflation to tick higher to 0.7% in one year, 1.1% and 1.8% in two and five year’s time respectively.
EUR/SEK key levels
The cross is now retreating 0.82% at 9.2791 and a drop below 9.2406 (low May 28) would expose 9.2107 (low May 27) and then 9.1704 (low May 26). On the upside, the initial resistance lines up at 9.3877 (high Jun.9) ahead of 9.350 (high Jun.5) and finally 9.4235 (high Jun.2).
EUR/SEK lower post-CPI
The krona saw its demand increasing after inflation figures in the Swedish economy have risen more than expected during the last month. In fact, consumer prices rose at an annual pace of 0.1% while prices advanced 0.3% on a monthly basis, up from a 0.2% contraction and a flat reading, respectively.
The data add to yesterday’s Prospera survey for the month of June, reporting that market participants now expect inflation to tick higher to 0.7% in one year, 1.1% and 1.8% in two and five year’s time respectively.
EUR/SEK key levels
The cross is now retreating 0.82% at 9.2791 and a drop below 9.2406 (low May 28) would expose 9.2107 (low May 27) and then 9.1704 (low May 26). On the upside, the initial resistance lines up at 9.3877 (high Jun.9) ahead of 9.350 (high Jun.5) and finally 9.4235 (high Jun.2).