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Forex: EUR/SEK tanking after Swedish data

The Swedish krona is sharply appreciating against the shared currency on Tuesday, after the unemployment rate rose to 8.4% in January from 7.4%. Seasonally adjusted, the jobless rate remained at 8.0% vs. 8.2% expected, while the unemployment change increased by 58K, missing expectations.

Continuing with the data, the CPI contracted 0.8% on a monthly basis and came in flat over the last twelve months, vs. December prints at +0.3% and -0.1%, respectively.

At the moment, the pair is down 0.26% at 8.4494 facing the next support at 8.4255 (low Feb.15) ahead of 8.4160 (low Sep.27) and then 8.3107 (low Aug.31).
On the flip side, a breakout of 8.4780 (high Feb.18) would clear the way to 8.5300 (low Feb.5) and finally 8.5525 (MA14d).

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Gold prices rallied slightly at the onset of Asian trading Tuesday, despite the minor setbacks included in the price during yesterdays muted session in the US. As of European trading Tuesday, the yellow metal is gripping to a small gain on the day, as prices were fortified in the 1612 region (daily low), before rebounding slightly. At the time of writing Gold has settled at USD $1612.97, trading positively at $+4.17. With the absence of an overabundance of stimuli permeating the European – and later American – markets, prices are not expected to fluctuate greatly today.
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