FxWirePro: Swedish Krona extends losses on deeper recession fears
The Swedish Krona declined, extending losses for the fourth straight session amid growing concerns that the Swedish economy faces a deeper recession than in the 2008/09 financial crisis. The economy is expected to experi…
The Swedish Krona declined, extending losses for the fourth straight session amid growing concerns that the Swedish economy faces a deeper recession than in the 2008/09 financial crisis.
The economy is expected to experience unemployment 10 percent and a contraction in GDP of around -4 percent across the year, despite unprecedented economic stimulus.
EUR/SEK trades 0.3 percent up at 11.0490, 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 10.9723, break below could take it till 10.9512.
