EUR/SEK moves to 2-week highs near 10.1000


  • EUR/SEK picks up upside traction and tests 10.1000.
  • Riksbank looks open to further accommodative measures.
  • Sweden’s jobless rate ticked higher to 9.3% in January.

Further selling pressure around the Swedish krona lifts EUR/SEK to the vicinity of 10.10 on turnaround Tuesday.

EUR/SEK in 2-week highs

EUR/SEK adds to Monday’s gains and advanced to the 10.10 region earlier in the session, although the move run out of steam soon afterwards.

Further weakness in SEK has accelerated on the back of the mild risk-off sentiment in the global markets, which underpins the sentiment around the greenback and depresses the mood in the risk complex.

Also weighing on the Scandinavian currency, the jobless rate in Sweden went up to 9.3% during January (from 8.2%).

Collaborating with the downside, Riksbank’s Deputy Governor Anna Breman said earlier on Tuesday that the central bank still favours sub-zero interest rates and further QE in case the economy needs further stimulus. In addition, Breman did not rule out the implementation of other accommodative tools, such as dual interest rates, yield curve control or even “helicopter money”.

EUR/SEK levels to consider

At the moment, the pair is gaining 0.10% at 10.0703 and a move above 10.0983 (55-day SMA) would target 10.1889 (2021 high Feb.1) en route to 10.2905 (200-day SMA). On the downside, the next support emerges at 10.0070 (2021 low Feb.22) seconded by 10.0000 (psychological level) and finally 9.7462 (2018 low Jan.31).

 

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD struggles around 1.21 amid sour market mood

EUR/USD has extended its falls and struggles around 1.21 as the risk-off mood and elevated US bond yields favor the dollar. President Biden's stimulus bill ran into a snag. The Fed's preferred inflation measure and end-of-month flows are eyed.

EUR/USD News

Gold melts below $1,750, lowest in 8 months amid high Treasury yields

Gold (XAU/USD) has been extending its downfall as elevated bond yields make the precious metal – which provides no returns – less attractive.

Gold news

S&P 500 Day Ahead Outlook: Inflation fears see bears back bashing

An ugly day for stock markets on Thursday as the dirty word inflation reared its head again. Just when you thought Powell had killed off the thought, it came back stronger in the sequel!

Read more

Bitcoin ready for bullish continuation as crypto bull cycle pauses

Bitcoin retest support at $45,000 after failing to break the resistance at $52,000. A break above the range between $48,000 and $49,500 will bring back a bullish impulse.

Read more

US Dollar Index remains firm around 90.60 post-data

The US Dollar Index (DXY), which gauges the buck vs. a basket of its main rivals, keeps the bid tone unchanged around 90.60 on Friday.

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures