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EUR/SEK retraces from highs on better data

FXstreet.com (Barcelona) - The Swedish krona is now slightly depreciating against the euro on Monday, after a positive result from the retail sales in the Nordic economy during April.

On a monthly basis, sales expanded 0.1%, leaving behind Mach’s 0.4% contraction. Over the last twelve months, sales rose 2.0% vs. 1.8% in the previous print. “We look for a weaker Swedish krona over the next couple of weeks… We expect a weak Q1 GDP, well below the Riksbank’s forecast, and if we are right, it will likely strengthen calls for a new rate cut from the Riksbank in July, which isnot fully priced in, and a temporary break above 8.70 cannot be ruled out”, signalled S.Holbek, Analyst at Danske Bank.

At the moment, the cross is up 0.03% at 8.5872 facing the next hurdle at 8.6035 (high May 20) followed by 8.6555 (high May 14) and then 8.7190 (2013 high Jan.21). On the other hand, a breach of 8.5290 (MA200d) would expose 8.4960 (MA100d) and finally 8.4874 (low Apr.22).

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