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Forex: EUR/SEK jumps above 8.4600 on Riksbank

FXstreet.com (Barcelona) - The Swedish krona is rapidly depreciating against the single currency on Wednesday, after the Riksbank left the repo rate unchanged at 1.0% in its monetary policy gathering, in line with consensus.

In its dovish statement, the Nordic central bank hinted at the fact that low rates would now remain for longer, with the likeliness of a rate hike around the first half of 2014. The lower rate path now indicates 0.9% in Q1’14 from 1.2% and 1.5% in Q1’15 from 2.0%.

At the moment, the pair is advancing 0.97% at 8.4667 with the next support at 8.2840 (low Mar.27) ahead of 8.2550 (2013 low Mar.13).

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