EUR/SEK could attempt a test of 10.00 near term – Danske Bank

Pablo Piovano FXStreet

Chief Analyst at Danske Bank Jens Sorensen believes the Swedish Krona could depreciate towards the psychological 10.00 handle in the short term.

Key Quotes

“In Scandies, EUR/SEK remains bid after the break of the 9.80 level and given the already relatively steep Swedish yield curve, lower-than-expected CPIF inflation and concerns about the housing market (including the likely negative spill-over to GDP growth), it is quite difficult to find SEK-positive arguments right now”.

“Hence, while EUR/SEK looks increasingly overbought both technically and according to our short-term financial valuation model, we still see risks skewed to the upside near term”.

“Looking at price actions in November last year, when EUR/SEK touched the 10.00 level, the break of 9.90 may open up for a test of the 10.00 figure in coming days”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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