EUR/SEK clinches daily highs above 10.2100

The Swedish Krona gives away some recent gains.
The cross rebounds from recent 6-month lows near 10.16.
Riksbank could still hike rates later this month or in February.

Pablo Piovano FXStreet

The Swedish Krona is trading on the defensive in the second half of the week, lifting EUR/SEK to fresh daily highs around 10.21, where sits the 55-hour SMA.

EUR/SEK upside capped around 10.21

SEK picked up pace on Wednesday following auspicious results from the domestic docket, showing Industrial Production expanding 2.8% MoM in October and 4.6% from a year earlier. In addition, Industrial New Orders also rose 3.1% on a yearly basis and Services PMI came in at 62.2 in November from 56.4 seen the previous month.

These positive results add to the uptick in manufacturing PMI during last month and released earlier in the week, all boding well for Q4 GDP and somewhat reinforcing the case for higher rates by the Riksbank.

Speaking about the Riksbank, Deputy Governor P.Jansson said yesterday that there is no reason to lift the current 2% inflation goal, while doubts remain on the timing of the rate hike (December or February).

EUR/SEK levels to consider

As of writing the cross is gaining 0.36% at 10.2236 and a break above 10.2761 (21-day SMA) would open the door to 10.3399 (200-day SMA) and finally 10.4354 (low Oct.30). On the flip side, the next support lines up at 10.1623 (monthly low Dec.5) seconded by 10.0956 (monthly low Jun.14) and then 10.0488 (monthly low Mar.20).

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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