FxWirePro: USD/SEK hovers away from 2-year low, struggles to break above 5-DMA
The Swedish Krona declined, drfting away from a 2-year high hit in the prior session. The dollar index trimmed some losses as investors awaited Fed meeting outcome and Friday’s deadline for U.S. Congress to extend unempl…
The Swedish Krona declined, drfting away from a 2-year high hit in the prior session.
The dollar index trimmed some losses as investors awaited Fed meeting outcome and Friday’s deadline for U.S. Congress to extend unemployment benefits.
Sweden's currency's losses apear limited as better than expected business confidence and consumer inflation expectations data boosted investor sentiment.
Sweden's total industry confidence indicator increased to 80.7 in July from an upwardly revised 68.9 in the previous month, its highest reading since March. While separate report showed inflation expectations increased to 3.60 percent in July from 3.50 percent in June.
USD/SEK trades 0.2 percent up at 8.7781, having hit a low of 8.7101 on Tuesday, its lowest since July 2018.
Immediate resistance is located at 8.8422 (7-EMA), any close above could take it near 8.9013 (10-DMA).
On the lower side, support is seen at 8.7101, break below could take it till 8.6808.
