FxWirePro: Swedish Krona eases as consumer confidence weakens on Covid-19 pandemic fears
The Swedish Krona eased as consumer confidence weakened amid concerns about the Covid-19 pandemic and its impacts on jobs and the economy. Sweden's consumer confidence indicator declined 8.9 points from the previous mont…
The Swedish Krona eased as consumer confidence weakened amid concerns about the Covid-19 pandemic and its impacts on jobs and the economy.
Sweden's consumer confidence indicator declined 8.9 points from the previous month to 89.6 in March, the lowest level since December 2012, while industry confidence indicator dropped 5.9 points from a month earlier to 91.0 in March, the lowest since April 2013.
Moreover, separate data showing Inflation Expectations decreased to 3.10 percent in March from 3.40 percent in February of 2020 further dented the bid tone around the Swedish currency.
On Wednesday, the pair plunged to a 1-week low but found major support at 21-EMA.
EUR/SEK trades 0.2 percent up at 10.9891, having hit a low of 10.8608 on Wednesday, its lowest since March 18.
Immediate resistance is located at 11.0803, any close above could take it near 11.1088.
On the lower side, support is seen at 10.9110, break below could take it till 10.8682.
