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EUR/SEK in lows post-Riksbank

FXStreet (Edinburgh) - The Swedish krona is gaining ground vs. the euro on Thursday, dragging EUR/SEK to print fresh session lows in sub-9.1900 levels.

EUR/SEK weaker after Riksbank

The Nordic cross is trading on the back footing now, after the Riskbank left the repo rate unchanged at 0.25% in today’s monetary policy meeting. The central bank also lowered this year’s growth forecast to 1.7% from 2.2% and expects the economy to expand 3.0% in 2015 and 3.1% in 2016. The first rate hike is now expected at the end of 2015. “
While the Riksbank is probably done easing, tightening is not on the agenda for some time. Market speculation about further measures from the ECB will not go away. This, coupled with the relative fundamental outlook and valuation, suggests the krona has clear potential versus the EUR over the medium term”, observed Stefan Mellin, Senior Analyst at Danske Bank.

EUR/SEK levels to consider

The cross is now losing 0.16% at 9.1939 with the next support at 9.1835 (daily cloud base) and then 9.1816 (30-d MA). On the upside, a break above 9.2358 (daily cloud top) would aim for 9.2401 (high Sep.1).

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