FxWirePro: Swedish Krona weakens on worse than expected service PMI
The Swedish Krona declined following the release of worse than expected service PMI. Sweden's Services PMI declined to a seasonally adjusted 46.9 in March from a downwardly revised 56.4 in the previous month, pointing to…
The Swedish Krona declined following the release of worse than expected service PMI.
Sweden's Services PMI declined to a seasonally adjusted 46.9 in March from a downwardly revised 56.4 in the previous month, pointing to the first contraction in the service sector since last December and the lowest reading since November 2012.
The bid tone around the Swedish currency further weakened following a warning from the National Institute of Economic Research that Sweden’s economy will contract over 6 percent in the second quarter and 3.2 percent across 2020.
EUR/SEK trades 0.1 percent up at 10.9530, having hit a low of 10.8509 on Tuesday, its lowest since March 17.
Immediate resistance is located at 10.9900 (10-DMA), any close above could take it near 11.0250.
On the lower side, support is seen at 10.8994 (21-EMA), break below could take it till 10.8704.
