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Trading news
27 Mar 2013
Forex: EUR/SEK in session lows after Swedish data
FXstreet.com (Barcelona) - The Swedish krona is rapidly gaining ground against the single currency on Wednesday, after the consumer confidence in the Scandinavian economy bettered to 2.8 in March, up from February’s -1.0. Adding to the upbeat tone, domestic retail sales expanded 3.5% on a yearly basis in February and 1.0% MoM, surpassing previous prints at 1.9% and 0.1% respectively.
At the moment, the stronger SEK is dragging the cross to session lows, losing 0.36% at 8.3188 facing the next support at 8.3125 (low Mar.20) ahead of the psychological level of 8.3000
On the upside, a break above 8.4475 (high Mar.1) would then target 8.4626 (high Feb.28) and finally 8.4899 (high Feb.21).
At the moment, the stronger SEK is dragging the cross to session lows, losing 0.36% at 8.3188 facing the next support at 8.3125 (low Mar.20) ahead of the psychological level of 8.3000
On the upside, a break above 8.4475 (high Mar.1) would then target 8.4626 (high Feb.28) and finally 8.4899 (high Feb.21).