FxWirePro: Swedish Krona retreats from near 6-week peaks as producer prices slump
The Swedish Krona retreated from a near 6-week peak after data showed producer prices declined. The Swedish currency rose earlier in the session as oil prices extended rebound from multi-year lows. However, the rally was…
The Swedish Krona retreated from a near 6-week peak after data showed producer prices declined.
The Swedish currency rose earlier in the session as oil prices extended rebound from multi-year lows.
However, the rally was short-lived as Sweden's producer prices slumped 3.6 percent year-on-year in March, after a 1.2 percent decrease in the previous month, its third consecutive month of declines and at the fastest pace since May of 2016.
EUR/SEK trades 0.2 percent up at 10.8684, having hit a low of 10.8252 earlier, its lowest since March 16.
55-EMA is currently acting as major support.
Immediate resistance is located at 10.8875, any close above could take it near 10.8969 (21-EMA).
On the lower side, support is seen at 10.8171 (55-EMA), break below could take it till 10.8080.
