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Forex: EUR/SEK tanking after Riksbank

The Swedish krona is sharply appreciating against the single currency on Wednesday, after the Riksbank left the lending benchmark intact at 1.0%. Although it was a close call, market polls were slightly biased towards a 25 bps rate cut. The stronger SEK dragged the pair to sub 8.51 levels from around 8.57 just before the decision.

The central bank also informed that these rate levels should prevail over the next year and it’s also lowered its Q1 2014 average refi rate to 1.2% from 1.3%. The bank estimates average rates at 2.0% and 2.7% in Q1 2015 and Q1 2016, respectively.

The cross is now retreating 0.63% at 8.5060 facing the next support at 8.5000 (2013 low Jan.4) ahead of 8.4910 (low Oct.2).
On the upside, a breakout of 8.5300 (low Feb.5) would aim for 8.6400 (high Feb.8) and then 8.6535 (high Feb1.).

Forex: EUR/USD rallies on European opening

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TD Securities analysts expect to see another upward revision to the Bank’s inflation forecasts at 10:30 GMT, as the Bank of England’s Quarterly Inflation Report is released.
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