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21 May 2013
EUR/SEK in highs around 8.5800
FXstreet.com (Barcelona) - The cross is trading almost unchanged around 8.5800 on Tuesday on a weaker krona post-unemployment data in Sweden.
Unemployment rate in the Scandinavian economy ticked lower in April, coming in at 8.7% in line with market forecasts and lower than March’s 8.8%. “We cannot rule out the possibility that Swedish unemployment today could move EUR/SEK around given increased market focus on the likelihood of a July Riksbank cut. While we look for no cut, the pricing of it could continue to weigh on SEK in the near term”, noted Senior Analyst A.Lumholtz at Danske Bank.
The pair is now up 0.01% at 8.5760 with the next resistance at 8.6035 (high May 20) followed by 8.6555 (high May 14) and then 8.7190 (2013 high Jan.21).
On the flip side, a breakdown of 8.5640 (low May 16) would then target 8.5255 (MA200d) en route to 8.4958 (MA100d).
Unemployment rate in the Scandinavian economy ticked lower in April, coming in at 8.7% in line with market forecasts and lower than March’s 8.8%. “We cannot rule out the possibility that Swedish unemployment today could move EUR/SEK around given increased market focus on the likelihood of a July Riksbank cut. While we look for no cut, the pricing of it could continue to weigh on SEK in the near term”, noted Senior Analyst A.Lumholtz at Danske Bank.
The pair is now up 0.01% at 8.5760 with the next resistance at 8.6035 (high May 20) followed by 8.6555 (high May 14) and then 8.7190 (2013 high Jan.21).
On the flip side, a breakdown of 8.5640 (low May 16) would then target 8.5255 (MA200d) en route to 8.4958 (MA100d).