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EUR/SEK in lows after better PMI

FXstreet.com (Barcelona) - The improvement of the manufacturing PMI print in Sweden during May is giving extra impulse to the krona, partially trimming last Friday’s losses.

The SEK is now sharply appreciating against the single currency on Monday, after the PMI print is back to expansionary levels, printing 51.9 during May and exceeding April’s 49.6. In the wake of the print, the krona dragged the cross from levels above 8.6100 to the current lows in sub 8.5700 levels. The data add to the recent stronger results in the Nordic fundamentals in light of the next Riksbank meeting.

UER/SEK is now losing 0.33% at 8.5678 with the next support at 8.5544 (low May 30) ahead of 8.5405 (MA200d) and finally 8.5305 (low May 22). On the upside, a break above 8.6460 (high May 28) would bring 8.6555 (high May 14) and then 8.7190 (2013 high Jan.21).

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