FxWirePro: EUR/SEK plunges to 2-month low, outlook remains bearish
The Swedish Krona rallied to a fresh 2-month peak on the back of rising crude oil prices. Crude oil prices surged as more countries began relaxing restrictions put in place to halt the coronavirus pandemic, raising hopes…
The Swedish Krona rallied to a fresh 2-month peak on the back of rising crude oil prices.
Crude oil prices surged as more countries began relaxing restrictions put in place to halt the coronavirus pandemic, raising hopes that demand for crude and its products will start to pick up.
International benchmark Brent crude was trading 1.9 percent higher at $29.98 per barrel by 1230 GMT, having hit a high of $32.20 on Wednesday, its highest since April 14. U.S. West Texas Intermediate was trading 3.9 percent up at $25.82 a barrel, after rising as high as $27.95 on Wednesday, its highest since April 9.
EUR/SEK trades 0.4 percent down at 10.5844, having hit a low of 10.5822 earlier, its lowest since March 6.
Immediate resistance is located at 10.6468, any close above could take it near 10.6627.
On the lower side, support is seen at 10.5713, break below could take it till 10.5559.
