FxWirePro: USD/SEK extends losses, struggles to break above 7-EMA
The Swedish Krona rose, extending gains for the second straight session as the greenback eased against a basket of currencies. The dollar index slumped as policymakers' response to a record number of coronavirus cases, h…
The Swedish Krona rose, extending gains for the second straight session as the greenback eased against a basket of currencies.
The dollar index slumped as policymakers' response to a record number of coronavirus cases, hospitalisations, and deaths in several U.S. states is likely to remain of greater concern.
The greenback against a basket of currencies traded 0.2 percent down at 92.42, having touched a low of 92.37 earlier, its lowest since November 9.
Investors seem to have ignored downbeat Swedish economic data showing industrial inventories in Sweden dropped by SEK 5.3 billion in the third quarter of 2020, the largest decline since the October to December 2016 period.
USD/SEK trades 0.2 percent lower at 8.6089, having hit a low of 8.5253 on Thursday, its lowest since April 2018.
Immediate resistance is located at 8.6546 (7-EMA), any close above could take it above 8.6699 (10-DMA).
On the lower side, support is seen at 8.5717, break below could take it till 8.5532.
