EUR/SEK drops to 5-day lows near 10.25 post-Riksbank

EUR/SEK sinks to the 10.25 area, or new multi-day lows.
The Riksbank raised the policy rate by 25 bps to 0.25%.
Sweden flash GDP contracted 0.4% QoQ in Q1.

Pablo Piovano FXStreet

The Swedish krona gathers extra steam and drags EUR/SEK to fresh lows in the 10.25 region, or 4-day lows, on Thursday.

EUR/SEK weaker on data, Riksbank

EUR/SEK loses ground for the second session in a row and flirts with the key 200-day SMA (10.27) in the wake of the Riksbank’s decision to hike the policy rate by 25 bps at its meeting on Thursday.

Indeed, SEK picked up pace after the Scandinavian central bank signalled that further rate hikes remain in store and that the policy rate is now seen somewhat below 2% in a three years’ time. The Riksbank will also reduce the pace of bond purchases from the second half of the year.

Additional releases in the Swedish docket saw the advanced Q1 GDP contract 0.4% QoQ and expand 3.0% on a yearly basis, while Retail Sales expanded 0.2% MoM and 1.2% YoY in March. Furthermore, the Consumer Confidence improved to 74.9 in April (from 73.5).

EUR/SEK levels to consider

So far, the cross is losing 1.09% at 10.2535 and faces the next support at 10.2209 (April 22 low) followed by 10.2118 (2022 low January 13) and finally 9.8636 (2021 low November 1). On the other hand, a breakout of 10.3732 (monthly high April 26) would expose 10.9049 (2022 high March 7) and then 10.9746 (high April 21 2021).

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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