FxWirePro: USD/SEK at 1-1/2 week peak, likely to sustain gains above 55-EMA
The Swedish Krona slumped to a 1-1/2 week low despite upbeat economic data. The consumer confidence indicator in Sweden rose 1.6 points from the previous month to 90 in October, recovering further from a 12 year low of 7…
The Swedish Krona slumped to a 1-1/2 week low despite upbeat economic data.
The consumer confidence indicator in Sweden rose 1.6 points from the previous month to 90 in October, recovering further from a 12 year low of 73.9 reported in April. Meanwhile, the total industry confidence indicator increased by 1.9 points from the previous month to an 8-month high of 95.7 in October.
Separate data showed retail sales in Sweden rose 3.9 percent year-on-year in September, accelerating from a 3 percent increase in the previous month. On a seasonally adjusted monthly basis, retail trade went up 0.8 percent, after falling 0.2 percent in August.
Strength in the greenback dented the bid tone around the Swedish currency.
USD/SEK trades 1.5 percent higher at 8.8490, having hit a high of 8.8589 earlier, its highest since October 19.
Immediate resistance is located at 8.8830, any close above could take it above 8.8950.
On the lower side, support is seen at 8.7082, break below could take it till 8.6902.
