FxWirePro: Swedish Krona at 2-year peak on upbeat manufacturing PMI
The Swedish Krona rallied to an over 2-year high earlier in the session as data showed Sweden's manufacturing activity expanded during the month of August. Sweden's Swedbank Manufacturing PMI increased to 53.4 in August …
The Swedish Krona rallied to an over 2-year high earlier in the session as data showed Sweden's manufacturing activity expanded during the month of August.
Sweden's Swedbank Manufacturing PMI increased to 53.4 in August from an upwardly revised 51.4 in the previous month, pointing the second straight month of expansion in the manufacturing sector, and the strongest expansion since November 2018.
Moreover, weakness in the greenback due to Fed rate outlook further supported the upside in the Swedish currency.
USD/SEK trades 0.05 percent lower at 8.6360, having hit a low of 8.5954 earlier, its lowest since June 2018.
Immediate resistance is located at 8.6705, any close above could take it near 8.7040 (10-DMA).
On the lower side, support is seen at 8.5770, break below could take it till 8.5513.
