FxWirePro: Swedish Krona off 2-1/2 month trough on upbeat economic data
The Swedish Krona rose, drifting away from a 2-1/2 month low recorded last week following the release of upbeat economic data. Sweden's total industry confidence indicator increased by 7.3 points from the previous month …
The Swedish Krona rose, drifting away from a 2-1/2 month low recorded last week following the release of upbeat economic data.
Sweden's total industry confidence indicator increased by 7.3 points from the previous month to a 7-month high of 93.6 in September 2020. Separate data showed consumer confidence indicator increased by 3.2 points from the previous month to 88.3 in September 2020.
Sentiment improved among manufacturers, service providers and retailers, while morale among constructors deteriorated.
Meanwhile, inflation expectations in Sweden increased to 3.10 percent in September from 2.80 percent in August.
The bid tone around the Swedish currency strengthened further as the greenback eased across the board.
The dollar index eased to a near 1-week low amid political developments in the United States and worries that the economic recovery is stalling as many stimulus programs have expired, curbing consumer spending.
USD/SEK trades 0.3 percent lower at 9.0107, having hit a high of 9.1649 on Friday, its highest since July 14.
Immediate resistance is located at 9.0660, any close above could take it near 9.0840.
On the lower side, support is seen at 8.9859 (7-EMA), break below could take it till 8.9571.
