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EUR/SEK in highs after poor data

FXstreet.com (Barcelona) - The Swedish krona is markedly lower vs. the single currency on Friday after the poor consumer/business confidence results in the Nordic economy in May.

Business Confidence dropped to -15 and Consumer Confidence fell to 3.6 vs. forecasts at -8.0 and 6.5, respectively, adding more pressure to the Riksbank in light of the next meeting in July. The poor data release plus the two new dove members of the central bank’s board may hint at the chance of another rate cut in July.

The cross is now up 0.32% at 8.6235 with the next hurdle at 8.6555 (high May 14) ahead of 8.7190 (2013 high Jan.21). On the downside, a breach of 8.5290 (MA200d) would bring 8.4960 (MA100d) and finally 8.4874 (low Apr.22).

USD/CAD moves higher to 1.0328/32

The USD/CAD has edged off the 1.0315 level during European trading, continuing a rebound off the overnight trough that took the pair below the 1.0300 barrier – at the time of writing the pair is trading at 1.0328/32.
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EUR/GBP higher in London at 0.8575 ahead of German IFO

EUR/GBP have edged higher before the release of Germany’s IFO Germany’s IFO which will likely receive more attention than the GDP did earlier this morning, as it is referring to May. Unchanged readings from April are expected.
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