EUR/SEK advances to highs near 9.6200

The Swedish Krona is losing further ground today, now sending EUR/SEK to the area of daily highs in the boundaries of 9.6200 the figure.

EUR/SEK higher post-data, Riksbank

SEK met further downside pressure following the speech by Riksbank’s Governor S.Ingves at the Committee on Finance, who defended the effectiveness of the current monetary policy on spurring inflation and economic growth, although he emphasized the rising level of household indebtedness.

In the data space, Swedish Retail Sales have gained 0.6% MoM in August, surpassing expectations, while the trade balance showed a deficit of SEK 10.3 billion during the same time, reverting July’s SEK 0.50 billion surplus.

Further data saw Household Lending Growth expanding at an annualized 7.5% during last month.

EUR/SEK levels to consider

As of writing the cross is up 0.14% at 9.6142 and a surpass of 9.6257 (2016 high Sep.26) would aim for 9.6773 (high Aug.26 2015) and then 9.6867 (high Feb.2). On the other hand, the initial support is located at 9.5608 (20-day sma) would open the door to 9.5199 (55-day sma) and finally 9.4693 (low Sep.8).