FxWirePro: Swedish Krona eases to 2-1/2 month trough on downbeat economic data
The Swedish Krona slumped, drifting closer to a 2-1/2 month low recorded in the prior session following the release of downbeat economic data. Sweden's producer prices declined 4.6 percent year-on-year in August, followi…
The Swedish Krona slumped, drifting closer to a 2-1/2 month low recorded in the prior session following the release of downbeat economic data.
Sweden's producer prices declined 4.6 percent year-on-year in August, following a 4.9 percent fall in July, marking its eightth straight month of drop.
On a monthly basis, cost fell 0.2 percent as a stronger Swedish krona led to price declines in the export and the import market.
The bid tone around the Swedish currency weakned further as the greenback surged across the board.
The dollar was on track for it best week since early April as the outlook for the global economic recovery darkened with a second wave of COVID-19 cases in Europe.
USD/SEK trades 0.6 percent higher at 9.1394, having hit a high of 9.1486 on Thursday, its highest since July 14.
Immediate resistance is located at 9.1591, any close above could take it near 9.1762.
On the lower side, support is seen at 9.0663, break below could take it till 9.0323.
