FxWirePro: Swedish Krona rallies to 3-week high on mixed economic data
The Swedish Krona raliied to 3-week peak following the release of mixed economic data. Sweden's consumer price inflation rate eased to 0.4 percent year-on-year in September, from the previous month's 6-month high of 0.8 …
The Swedish Krona raliied to 3-week peak following the release of mixed economic data.
Sweden's consumer price inflation rate eased to 0.4 percent year-on-year in September, from the previous month's 6-month high of 0.8 percent and below market expectations of 0.6 percent. On Monthly basis, consumer price index increased 0.1 percent in September after plunging 0.1 percent in the previous month.
Meanwhile, the country's core consumer prices increased to 220.47 points in September from 220.32 points in August.
However, a rebound in the dollar index limited the upside in the Swedish currency.
USD/SEK trades 0.2 percent lower at 8.7774, having hit a low of 8.7559 earlier, its lowest since September 22.
Immediate resistance is located at 8.8542 (7-EMA), any close above could take it above 8.8907 (21-EMA).
On the lower side, support is seen at 8.7392, break below could take it till 8.7099.
