FxWirePro: EUR/SEK slumps to 2-month trough, intraday bias bearish
The Swedish Krona advanced to a 2-month peak as crude oil prices rebounded and the euro continued to decline. Crude oil prices steadied as data showed China’s crude imports rebounded against expectations of a sharp drop.…
The Swedish Krona advanced to a 2-month peak as crude oil prices rebounded and the euro continued to decline.
Crude oil prices steadied as data showed China’s crude imports rebounded against expectations of a sharp drop.
International benchmark Brent crude was trading 6.3 percent higher at $31.72 per barrel by 1229 GMT, having hit a high of $32.20 on Wednesday, its highest since April 14. U.S. West Texas Intermediate was trading 8.3 percent up at $27.59 a barrel, after rising as high as $27.95 on Wednesday, its highest since April 9.
Moreover, weakness in the euro further boosted the bid tone around the Swedish currency.
The euro eased as a German court ruling targeting an ECB bond purchase programme remained in focus.
On Tuesday, Germany’s highest court gave the European Central Bank three months to justify purchases under its bond-buying programme, or lose the Bundesbank’s participation in one of its main stimulus schemes.
EUR/SEK trades 0.1 percent down at 10.61882, having hit a low of 10.6016 earlier, its lowest since March 6.
Immediate resistance is located at 10.6433, any close above could take it near 10.6644.
On the lower side, support is seen at 10.5888, break below could take it till 10.5713.
