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23 Apr 2013
Forex: EUR/SEK in highs on Swedish data
FXstreet.com (Barcelona) - The Swedish krona is rapidly losing ground against the single currency on Tuesday, after the unemployment rate in the Nordic economy up-ticked to 8.8% in March, missing expectations and up from February’s 8.5%.
According to Erica Blomgren, Strategist at SEB, “Weak unemployment data has triggered rate cut expectations. Market now sees a 40% chance for July cut (30% before)”.
EUR/SEK is now advancing 0.61% at 8.5841 with the next resistance at 8.5980 (high Apr.23) followed by 8.6400 (high Feb.7) and finally 8.6535 (high Feb.1).
On the flip side, a violation of 8.5118 (MA100d) would bring 8.5040 (MA200d) and then 8.4899 (high Feb.21).
According to Erica Blomgren, Strategist at SEB, “Weak unemployment data has triggered rate cut expectations. Market now sees a 40% chance for July cut (30% before)”.
EUR/SEK is now advancing 0.61% at 8.5841 with the next resistance at 8.5980 (high Apr.23) followed by 8.6400 (high Feb.7) and finally 8.6535 (high Feb.1).
On the flip side, a violation of 8.5118 (MA100d) would bring 8.5040 (MA200d) and then 8.4899 (high Feb.21).