FxWirePro: USD/SEK hovers towards 1-1/2 week peak, faces resistance at 8.8000
The Swedish Krona slumped, drifting towards a 1-1/2 week low as the greenback strengthened against a basket of currencies. The dollar index gained as investors digested U.S. Treasury Secretary Steven Mnuchin's comments, …
The Swedish Krona slumped, drifting towards a 1-1/2 week low as the greenback strengthened against a basket of currencies.
The dollar index gained as investors digested U.S. Treasury Secretary Steven Mnuchin's comments, citing that a deal between the White House and Congress would fund the federal government through the beginning of December and that details of the spending bill should be finalised by week's end.
Markets seem to have ignored Sweden's upbeat economic data, which showed the current account surplus widened to SEK 63.2 billion in the second quarter of 2020 from SEK 34.7 billion in the corresponding period of the previous year.
USD/SEK trades 0.6 percent higher at 8.7758, having hit a high of 8.7982 on Friday, its highest since August 24.
Immediate resistance is located at 8.7936, any close above could take it near 8.8182.
On the lower side, support is seen at 8.6957, break below could take it till 8.6748.
