EUR/SEK in multi-year tops around 9.8200

Pablo Piovano FXStreet

The Swedish Krona is depreciating further on Thursday, now lifting EUR/SEK to fresh yearly tops just above the 9.8200 handle.

EUR/SEK weaker post-Riksbank

SEK weakness is pushing the cross to levels last seen in March 2010 beyond the 9.8200 handle following a dovish tone from the Riksbank at today’s meeting.

It is worth recalling that the Riksbank left unchanged its repo rate at -0.50% earlier today, although the tone of the statement was leaning towards the dovish side. The central bank noted the domestic economic recovery although it has stressed that inflation will remain below the target for a longer period, leaving the door open for extra easing in the next periods.

In the same direction, the Riksbank has lowered its projections for the CPI and now sees consumer prices rising at an annualized 1.0% this year, 1.4% and 2.2% in 2017 and 2018, respectively.

Furthermore, the continuation of the upside momentum in the single currency keeps collaborating with the bull run in the cross, all supported by the prevailing selling pressure in the greenback.

EUR/SEK levels to consider

As of writing the cross is up 1.01% at 9.8197 and a break above 9.9757 (monthly high May 2010) would expose 10.5374 (monthly high November 2009). On the other hand, the next support lines up at 9.6749 (low Oct.21) followed by 9.5886 (55-day sma) and then 9.5237 (100-day sma).

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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