5 Sep 2013
EUR/SEK in 2-week highs on dovish Riksbank
FXstreet.com (Edinburgh) -The Swedish krona is rapidly depreciating against the single currency on Thursday, pushing the EUR/SEK to fresh 2-week peaks near 8.7800.
EUR/SEK weaker on Riksbank
In line with market expectations, the Swedish central bank left intact its repo rate at 1.0% but kept the easing bias alive, adding further selling pressure to the SEK. Strategist Jacqui Douglas at TD Securities assessed “We had thought that the Riksbank might signal that it could bring forward the timing of its first rate hike by pushing the Q3 2013 figure a few bps higher. But it seems that the Riksbank is still looking for clearer signs that the improvement in the rest of Europe is trickling through to Sweden before changing its stance”.
EUR/SEK support/resistance levels
The cross is now up 0.69% at 8.7660 with the next resistance at 8.7825 (high Aug.21) and then 8.7875 (high Aug.2). On the flip side, a break below 8.6530 (low Aug.28) would bring 8.6189 (low Aug.15) and finally 8.5820 (MA200d).
EUR/SEK weaker on Riksbank
In line with market expectations, the Swedish central bank left intact its repo rate at 1.0% but kept the easing bias alive, adding further selling pressure to the SEK. Strategist Jacqui Douglas at TD Securities assessed “We had thought that the Riksbank might signal that it could bring forward the timing of its first rate hike by pushing the Q3 2013 figure a few bps higher. But it seems that the Riksbank is still looking for clearer signs that the improvement in the rest of Europe is trickling through to Sweden before changing its stance”.
EUR/SEK support/resistance levels
The cross is now up 0.69% at 8.7660 with the next resistance at 8.7825 (high Aug.21) and then 8.7875 (high Aug.2). On the flip side, a break below 8.6530 (low Aug.28) would bring 8.6189 (low Aug.15) and finally 8.5820 (MA200d).