EUR/SEK stays in lows near 9.5000

The Swedish Krona keeps the firm note at the beginning of the week, sending EUR/SEK to fresh lows near 9.4800 the figure.

EUR/SEK lower post-CPI

SEK gathered extra traction today after inflation figures in the Nordic economy surprised markets to the upside during February. In fact, consumer prices tracked by the CPI rose at an annualized 1.8% and 0.7% inter-month vs. forecasts at 1.7% and 0.6%, respectively.

Further data saw the CPIF (CPI at constant interest rate) at 0.7% MoM and 2.0% on a yearly basis, also coming in above expectations.

In addition, Riksbank’s Ingves said earlier that it is important that the Krona does not strengthen too fast.

In the meantime, the cross has managed to pick up some pace after dropping to fresh 3-week lows in the wake of the inflation figures, now looking to regain the 9.50 handle and above.

EUR/SEK levels to consider

As of writing the cross is losing 0.23% at 9.5044 and a breakdown of 9.4856 (low Mar.14) would aim for 9.4300 (low Feb.15) and then 9.3958 (2017 low Feb.1). On the other hand, the next resistance lines up at 9.5379 (high Mar.14) followed by 9.5769 (200-day sma) and finally 9.6314 (high Mar.10).