FxWirePro: USD/SEK hits 1-1/2 month low, strong support at 8.7000
Wednesday, October 21, 2020 12:41 PM UTC
- The Swedish Krona rose to an over 1-1/2 month peak as the dollar eased across the board.
- The greenback eased after U.S. President Donald Trump raised hopes for a breakthrough on Tuesday by saying he was willing to accept a large aid bill, despite opposition from his own Republican party.
- Lawmakers in Washington have been negotiating intermittently since August, with Democrats arguing for a larger package to help manage the economic fallout from coronavirus.
- USD/SEK trades 0.1 percent lower at 8.7365, having hit a low of 8.7012 earlier, its lowest since September 10.
- Immediate resistance is located at 8.7677, any close above could take it above 8.7939.
- On the lower side, support is seen at 8.6843, break below could take it till 8.6631.