FxWirePro: Swedish Krona off 1-week peak, investor ignore upbeat services PMI
The Swedish Krona declined, hovering towards a 3-week low hit last week as the greenback surged against a basket of currencies. Investors appear to have ignored upbeat economic data showing Sweden's services PMI rose to …
The Swedish Krona declined, hovering towards a 3-week low hit last week as the greenback surged against a basket of currencies.
Investors appear to have ignored upbeat economic data showing Sweden's services PMI rose to 55 in October from 54.7 in the previous month that pointed to the fifth consecutive expansion in the services sector driven by business activity and employment.
The dollar index surged as early results in the U.S. presidential election showed a very tight race, prompting a wind-back of bets on a victory by Democratic challenger Joe Biden.
The greenback against a basket of currencies traded 0.1 percent up at 93.64, having touched a high of 94.30 earlier, its highest since September 29
USD/SEK trades 0.3 percent higher at 8.8484, having hit a high of 8.9450 earlier, its highest since October 29.
Immediate resistance is located at 8.9535, any close above could take it above 8.9829.
On the lower side, support is seen at 8.7751, break below could take it till 8.7690.
