EUR/SEK dips to lows on upbeat data, around 9.7800

After posting fresh daily highs above the 9.800 handle on Monday, EUR/SEK dropped to the mid-9.7700s following upbeat results in Sweden

EUR/SEK lower after data

SEK picked up extra pace after Retail Sales in the Nordic economy surpassed expectations in October, expanding at a monthly 0.7% and reverting the previous 0.3% contraction. Over the last twelve month, retail sales rose 2.4% vs. 1.6% previous.

On the not so bright side, Swedish trade balance figures showed a SEK 2.7 billion deficit during last month.

In the meantime, SEK remains under the microscope as the Riksbank will hold its meeting next month. Consensus remains pretty divided regarding the likeliness of further easing by the Nordic central bank, either via rate cuts or extra purchases of bonds.

EUR/SEK levels to consider

As of writing the cross is retreating 0.14% at 9.7827 and a break below 9.7375 (55-day sma) would expose 9.7347 (low Nov.24) and then 9.6323 (100-day sma). On the upside, the initial hurdle lines up at 9.8483 (20-day sma) followed by 9.8906 (low Nov.17) and finally10.0096 (high Nov.7).