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FxWirePro: Swedish Krona rallies to 6-1/2 week peak as Riksbank keeps rates unchanged

  • 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.
  • Market Data
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