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EUR/SEK flat after trade balance figures

FXstreet.com (Barcelona) - The Swedish krona remained almost indifferent to the trade balance figures for the month of April in the Scandinavian economy, climbing to 8.60 although quickly returning to 8.5900/10.

The trade surplus in Sweden widened to SEK 8.8 billion vs. SEK 6.8 billion in the previous month, while producer prices contracted 1.1% on a monthly basis, matching March’s prints. “Speculation about a negative Eurosystem deposit rate and general EUR weakness are bearing down on the pair, whilst Sweden’s enormous macro economic and financial interconnectivity with EMU provides a markedly limited ability for the SEK to appreciate”, assessed Stephen Gallo, Strategist at BMO.

The cross is now losing 0.04% at 8.5897 with the next support at 8.5290 (MA200d) followed by 8.4960 (MA100d) and then 8.4874 (low Apr.22). On the upside, a breakout of 8.6935 (high May 20) would then target 8.6555 (high May 14) en route to 8.7190 (2013 high Jan.21).

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