FxWirePro: USD/SEK hits 1-month peak, outlook turns bullish
The Swedish Krona plunged to an over 1-month low following downbeat economic data. Sweden's industrial production dropped 8 percent from a year earlier in July, following an upwardly revised 8.9 percent fall in the previ…
The Swedish Krona plunged to an over 1-month low following downbeat economic data.
Sweden's industrial production dropped 8 percent from a year earlier in July, following an upwardly revised 8.9 percent fall in the previous month, amid the coronavirus pandemic.
Separate data showed total orders received by Swedish industries dropped 6.4 percent year-on-year in July, following a downwardly revised 13.1 percent plunge in the previous month.
Moreover, strength in the greenback against a basket of currencies further eased the bid tone around the Swedish currency.
USD/SEK trades 0.5 percent higher at 8.8029, having hit a high of 8.8175 earlier, its highest since July 27.
Immediate resistance is located at 8.8276, any close above could take it near 8.8461.
On the lower side, support is seen at 8.7304, break below could take it till 8.7099.
