FXstreet.com (Barcelona) - The Swedish krona is now markedly depreciating against the single currency, climbing almost three figures to the vicinity of the key level at 8.6300 after poor data in the Scandinavian economy.
The softer tone in SEK has followed a lower GDP figures during the third quarter in Sweden, rising 0.5% QoQ and 0.7% YoY, below previous reading at +0.7% and +1.3%, respectively. Retail Sales have followed suit, contracting 1.7% on a monthy basis and advancing 1.2% YoY during October, vs. +1.7% and +4.6%, respectively.
The pair is now advancing 0.17% en 8.6264 with the next hurdle at 8.6850 (high Nov.20) ahead of 8.6930 (Upper Bollinger) and 8.7520 (high Jul.4).
On the flip side, a breach of 8.5600 (low Nov.27) would aim to 8.5310 (Lower Bollinger) and finally 8.5000 (low Nov.8).
The softer tone in SEK has followed a lower GDP figures during the third quarter in Sweden, rising 0.5% QoQ and 0.7% YoY, below previous reading at +0.7% and +1.3%, respectively. Retail Sales have followed suit, contracting 1.7% on a monthy basis and advancing 1.2% YoY during October, vs. +1.7% and +4.6%, respectively.
The pair is now advancing 0.17% en 8.6264 with the next hurdle at 8.6850 (high Nov.20) ahead of 8.6930 (Upper Bollinger) and 8.7520 (high Jul.4).
On the flip side, a breach of 8.5600 (low Nov.27) would aim to 8.5310 (Lower Bollinger) and finally 8.5000 (low Nov.8).
