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11 Mar 2015
EUR/SEK dips to lows near 9.1000 on CPI
FXStreet (Edinburgh) - The Swedish krona is rapidly picking up pace vs. the euro on Wednesday, dragging EUR/SEK to test 4-month lows around 9.1000.
EUR/SEK lower post-data
The krona is extending its appreciation after key inflation figures in the Swedish economy surprised investors to the upside today. In fact, consumer prices rose 0.7% inter-month and 0.1% on a year to February, beating estimates at 0.6% and -0.1%, respectively. The CPIF (CPI at constant interest rates) followed suit, up 0.8% MoM and 0.9% on a yearly basis.
These figures bode well in light of the next Riksbank meeting next week, with the likeliness of a rate cut now being significantly trimed.
EUR/SEK important levels
As of writing the cross is losing 0.59% at 9.1036 and a drop below 9.0559 (low Oct.14 2014) would aim for 9.0184 (low Jun.19 2014) and then 8.9866 (low Jun.18 2014). On the flipside, next up barrier aligns at 9.2685 (200-d MA) ahead of 9.2731 (high Mar.4) and finally 9.3275 (high Mar.3).
EUR/SEK lower post-data
The krona is extending its appreciation after key inflation figures in the Swedish economy surprised investors to the upside today. In fact, consumer prices rose 0.7% inter-month and 0.1% on a year to February, beating estimates at 0.6% and -0.1%, respectively. The CPIF (CPI at constant interest rates) followed suit, up 0.8% MoM and 0.9% on a yearly basis.
These figures bode well in light of the next Riksbank meeting next week, with the likeliness of a rate cut now being significantly trimed.
EUR/SEK important levels
As of writing the cross is losing 0.59% at 9.1036 and a drop below 9.0559 (low Oct.14 2014) would aim for 9.0184 (low Jun.19 2014) and then 8.9866 (low Jun.18 2014). On the flipside, next up barrier aligns at 9.2685 (200-d MA) ahead of 9.2731 (high Mar.4) and finally 9.3275 (high Mar.3).