EUR/SEK moves higher to 10.31, session tops

The Swedish Krona depreciates to the 10.31 region today.
Swedish GDP figures disappointed expectations in Q3.
Politics and Riksbank should drive the mood around SEK near term.

Pablo Piovano FXStreet

The renewed selling pressure around the Swedish Krona is lifting EUR/SEK to fresh 3-day peaks in the 10.31 region.

EUR/SEK up post-GDP figures

The cross came under pressure today following the disappointing results from the GDP figures for the third quarter.

In fact, the Scandinavian economy contracted 0.2% inter-quarter and expanded at an annualized 1.6% in the July-September period from Q2’s 2.7% expansion. The quarterly contraction is the first one since Q1 2016.

Today’s poor GDP figures add to yesterday’s lower-than-expected results from Retail Sales, all weighing on the Krona and potentially affecting the prospects of a rate hike by the Riksbank at next month’s meeting.

EUR/SEK levels to consider

As of writing the cross is up 0.35% at 10.3082 and a break above 10.3358 (200-day SMA) would expose 10.3496 (low Nov.21) and then 10.3876 (100-day SMA). On the other hand, the next support is located at 10.2474 (low Nov.28) seconded by 10.2080 (monthly low Nov.13) and finally 10.2273 (monthly low Jul.30).

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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