EUR/SEK flirting with session lows near 10.44 on data, Riksbank

  • The cross moves lower to the 10.44 region on Tuesday.
  • The Riksbank published its Business Survey.
  • Sweden Producer Prices rose 0.2% MoM in February.

The Swedish Krona is prolonging the auspicious start of the week and is dragging EUR/SEK to fresh daily lows in the 10.44 area.

EUR/SEK offered on data, Riksbank

The cross is retreating for the second session in a row today, as the Swedish Krona continues to trim part of the losses recorded in the second half of last week.

SEK has picked up extra pace today after Producer Prices in the Scandinavian economy rose at a monthly 0.2% during February and 6.3% from a year earlier. In addition, the Riksbank published its latest Business Survey.

In the survey, major Swedish companies see no signs of an imminent downturn, although they appear less optimistic regarding the future of the economic activity. In addition, the better tone in the exports sector continues to be bolstered by a relatively weak SEK and expansion in European and North American markets.

In the data space, Consumer and Manufacturing Confidence are due tomorrow along with Trade Balance figures and Household Lending Growth. Furthermore, Retail Sales will close the docket on Thursday.

What to look for around SEK

Fundamentals in the Nordic economy remain solid for the time being despite some deterioration in the domestic outlook and speculations that the Riksbank could stay ‘lower for longer’. However, the Scandinavian central bank did not ruled out a rate hike by year-end (yet). SEK is also facing extra headwinds as market participants consider it a funding currency when comes to carry trade.

EUR/SEK levels to consider

As of writing the cross is losing 0.10% at 10.4396 and a break below 10.4296 (55-day SMA) would expose 10.4076 (low Mar.21) and then 10.3730 (200-day SMA). On the flip side, the next up barrier aligns at 10.4969 (high Mar.22) seconded by 10.5064 (21-day SMA) and finally 10.6476 (2019 high Mar.8).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD steady around 1.1240 in ultra-thin holiday's trading

The EUR/USD pair bounced some 20 pips from its weekly low during the Asian session, now mute around 1.1240 with most market's off today. Softer-than-expected US housing data passed unnoticed.

EUR/USD News

GBP/USD battling around 1.3000

The GBP/USD pair is heading nowhere fast after bottoming for the week at 1.2978, amid lack of progress in Brexit negotiations.  Encouraging UK data failed to trigger Pound's demand.

GBP/USD News

USD/JPY: On track to close in the middle of its 50-pip weekly range below 112

The USD/JPY pair remains frozen below the 112 handle in the NA session and there is no reason for it to make a meaningful move as investors are already enjoying the Easter holiday.

USD/JPY News

The Tale of the Prosperous Consumer-US Retail Sales

American consumers asserted the right to spend in a grand fashion in March boosting retail sales to the fastest expansion in 18 months as the booming job market put the shutdown marked holiday season to rest.

Read more

Gold Forecast: Eyes 8-month rising trendline after weakest weekly close since December

The troy ounce of the precious metal lost around $17 this week and now looks to record its lowest weekly close since the end of December near $1275.

Gold News

Majors

Cryptocurrencies

Signatures