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May 24, 2013
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).
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).