FxWirePro: Swedish Krona rallies to 6-1/2 week peak as Riksbank keeps rates unchanged
Tuesday, April 28, 2020 11:48 AM UTC
- The Swedish Krona advanced to a 6-1/2 week peak after its central bank held interest rates steady and maintained stimulus measures to support an economy battered by the coronavirus pandemic.
- The Riksbank left its benchmark rate at 0 percent, as expected and said it will continue purchases of government and mortgage bonds up to the end of September of 2020.
- Separate data showed Sweden's retail sales rose 0.6 percent year-on-year in March, easing from an upwardly revised 3.7 percent gain in the previous month.
- EUR/SEK trades 0.8 percent down at 10.7527, having hit a low of 10.7505 earlier, its lowest since March 13.
- The pair declined below major support 55-EMA at 10.8186 and is likely to test 10.7347.
- Immediate resistance is located at 10.8745, any close above could take it near 10.8867 (21-EMA).
- On the lower side, support is seen at 10.7347, break below could take it till 10.6917.