The Swedish Krona retreated from a 1-week low after the Riskbank stated that it does not need to cut rates. Sweden’s central bank stated that proposed changes to the law governing how it operates would limit its capacity…
The Swedish Krona retreated from a 1-week low after the Riskbank stated that it does not need to cut rates.
Sweden’s central bank stated that proposed changes to the law governing how it operates would limit its capacity to take action in a crisis.
Proposed changes include cutting the number of rate-setters to 5 from 6, limiting the number of terms the governor of the Riksbank can serve and giving the central bank a secondary goal of promoting economic growth in addition to its current inflation mandate.
On Wednesday, the pair rose as high as 10.9684 but found strong resistance at 21-DMA to close up at 10.9275.
EUR/SEK trades 0.5 percent down at 10.8766, having hit a low of 10.8452 on Friday, its lowest since March 17.
Immediate resistance is located at 10.9703 (21-DMA), any close above could take it near 10.9851.
On the lower side, support is seen at 10.8660, break below could take it till 10.8452.
