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EUR/SEK finds support near 9.7000

  • SEK almost unchanged post-Riksbank minutes.
  • Support emerged near the 9.7000 handle.
  • Domestic inflation expectations remain anchored.

The now softer tone around the Swedish Krona is helping EUR/SEK to clinch fresh daily highs in the vicinity of 9.7400 the figure.

EUR/SEK bid after Riksbank

SEK reverted the initial strength after the Riksbank published its minutes of the latest meeting, where it left unchanged the repo rate at -0.50%.

The minutes revealed the central bank expects the first rate hike to be around H2 2018, unchanged from the previous statement. In addition, board members said the bond-purchasing programme is expected to run through the rest of the current year and they did not rule out an extension, which could be announced at the December 20 meeting.

Furthermore, the central bank reiterated its readiness to intervene in the foreign exchange markets.

It is worth mentioning that SEK had gathered further upside traction earlier in the week in response to comments by Deputy Governor C.Skingsley, suggesting the Nordic central bank should stop following the ECB’s monetary policy.

In the meantime, and after three consecutive sessions with losses, the cross is now bouncing off daily lows near the 9.7000 region, facing the next interim target at the 9.7450 area, where sits the 10-day sma.

EUR/SEK levels to consider

As of writing the cross is gaining 0.21% at 9.7379 and a surpass of 9.7457 (10-day sma) would aim for 9.8019 (high Nov.6) and finally 9.8288 (2017 high Nov.3). On the other hand, the next down barrier is located at 9.7069 (low Nov.9) seconded by 9.6862 (21-day sma) and then 9.6036 (200-day sma).

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