FxWirePro: Swedish Krona declines following soft inflation data
The Swedish Krona declined, drifting towards a 6-1/2 week low hit in the previous session following the soft inflation figures. Sweden's consumer price index decreased 0.10 percent in August over the previous month, whil…
The Swedish Krona declined, drifting towards a 6-1/2 week low hit in the previous session following the soft inflation figures.
Sweden's consumer price index decreased 0.10 percent in August over the previous month, while core consumer prices decreased to 220.32 points in August from 220.64 points in July.
Separate data showed household consumption in Sweden eased to 3 percent in July from 3.8 percent in June.
However, weakness in the greenback against a basket of currencies limited the downside in the Swedish currency.
USD/SEK trades 0.1 percent higher at 8.7489, having hit a high of 8.8558 the day before, its highest since July 24.
On Wednesdy, the pair rose above the 8.8500 handle but retraced to close 0.9 percent lower at 8.7430.
Immediate resistance is located at 8.7750, any close above could take it near 8.7980.
On the lower side, support is seen at 8.7030, break below could take it till 8.6850.
