The Swedish Krona slumped to a 1-week low on downbeat employment data. Sweden's unemployment rate rose to 8.3 percent in September, from 6.0 percent in the same period last year, as the coronavirus crisis hit the labor m…
The Swedish Krona slumped to a 1-week low on downbeat employment data.
Sweden's unemployment rate rose to 8.3 percent in September, from 6.0 percent in the same period last year, as the coronavirus crisis hit the labor market.
Moreover, a surge in the greenback further weakened the demand for Swedish currency.
The dollar index rose after U.S. Treasury Secretary Steve Mnuchin said he and House of Representatives Speaker Nancy Pelosi were far apart on another coronavirus economic relief package, and that a deal would be hard to reach before the November 3 elections.
USD/SEK trades 0.5 percent higher at 8.8585, having hit a high of 8.8946 earlier, its highest since October 8.
Immediate resistance is located at 8.8969 (21-DMA), any close above could take it above 8.9348.
On the lower side, support is seen at 8.7952, break below could take it till 8.7751.
