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12 Mar 2015
EUR/SEK drops below 9.0600
FXStreet (Edinburgh) - The Swedish kroon continues to gather traction vs. its European peer on Thursday, now sending EUR/SEK to session lows in sub-9.06 levels.
EUR/SEK in 4-month lows
The cross is down for the fourth consecutive week so far, with the krona recently supported by higher than expected consumer prices in the Nordic economy. Today, the domestic labour market saw the unemployment rate unchanged during February at 8.4%, adding to the downside in the cross.
Positive results in Sweden as of late have allayed jitters of a potential rate cut by the Riksbank in next week’s meeting, although markets remain aware that the central bank does not welcome a strong SEK.
EUR/SEK relevant levels
At the moment the cross is losing 0.35% at 9.0763 with the next support at 9.0558 (low Mar.12) ahead of 9.0541 (low Oct.13 2014) and then 9.0181 (low Jun.19 2014). On the upside, a breakout of 9.1684 (high Mar.11) would open the door to 9.2054 (high Mar.10) and finally 9.2203 (high Mar.9).
EUR/SEK in 4-month lows
The cross is down for the fourth consecutive week so far, with the krona recently supported by higher than expected consumer prices in the Nordic economy. Today, the domestic labour market saw the unemployment rate unchanged during February at 8.4%, adding to the downside in the cross.
Positive results in Sweden as of late have allayed jitters of a potential rate cut by the Riksbank in next week’s meeting, although markets remain aware that the central bank does not welcome a strong SEK.
EUR/SEK relevant levels
At the moment the cross is losing 0.35% at 9.0763 with the next support at 9.0558 (low Mar.12) ahead of 9.0541 (low Oct.13 2014) and then 9.0181 (low Jun.19 2014). On the upside, a breakout of 9.1684 (high Mar.11) would open the door to 9.2054 (high Mar.10) and finally 9.2203 (high Mar.9).