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EUR/SEK dips to lows after data

FXStreet (Edinburgh) - The Swedish krona is now appreciating vs. the single currency, with EUR/SEK visiting session lows in the 0.1859 area.

EUR/SEK softer on jobs data

The cross is now losing ground after the unemployment rate in Sweden ticked lower to 7.2% during September from 7.4% in the previous month, giving further strength to the krona. From the scandi data front, there are no further releases in Sweden for the rest of the week, while the the Norges Bank will hold its monetary policy meeting today. “We continue to see downside potential in EUR/SEK over the medium term based on relative monetary policy, growth divergence and valuation”, commented Stefan Mellin, Senior Analyst at Danske Bank.

EUR/SEK important levels

The cross is now losing 0.05% at 9.1897 with the immediate support at 9.1705 (100-d MA) and then 9.1400 (low Oct.17). On the upside, a break above 9.2417 (high Oct.16) would expose 9.2660 (high Sep.17).

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