EUR/SEK jumps to 9.60 post-Riksbank

Pablo Piovano FXStreet

The Swedish Krona has rapidly depreciated following the Riksbank decision today, lifting EUR/SEK to fresh daily highs in the 9.6000 neighbourhood.

EUR/SEK higher on Riksbank

The cross leapt to fresh session highs after the Riksbank left unchanged its key rate at -0.50%, broadly in line with market expectations.

In addition, the Nordic central bank has extended its purchases of government bonds by SEK15 billion during H2 2017, while it expects to start the tightening cycle around mid-2018, a tad later than stated in previous meetings.

Regarding inflation, the Riksbank has revised lower its forecasts for 2018 and 2019 and said it might take longer to stabilize around the 2% target.

The cross is so far reverting three consecutive daily pullbacks, coming down from Monday’s YTD tops around 9.8500 following the upbeat sentiment in the wake of the results from the French elections.

EUR/SEK levels to consider

As of writing the cross is up 0.47% at 9.5988 and a surpass of 9.6074 (high Apr.27) would aim for 9.6721 (high Apr.21) and finally 9.8470 (2017 high Apr.24). On the other hand, the next support lines up at 9.5465 (55-day sma) followed by 9.5448 (low Apr.26) and then 9.5052 (low Apr.3).

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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