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Forex: EUR/SEK retreats from highs on Riksbank minutes

The Swedish krona is trading flat against the euro on Tuesday, despite the slightly hawkish tone from the Riksbank minutes.

According to Erica Blomgren, FI Strategist at SEB, the majority of board members “don’t believe another rate could would change the inflation outlook”. She adds that the major risks stem from the household lending thus the current rate path seems appropriate, hampering further cuts.

As of writing, EUR/SEK is losing 0.03% at 8.4628 facing the next support at 8.4015 (low Feb.20) en route to 8.3943 (Lower Bollinger) and then 8.3107 (low Aug.31).
On the other hand, a break above 8.4899 (high Feb.21) would allow 8.5000 (MA14d) and then 8.5300 (low Feb.5).

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