FxWirePro: USD/SEK hovers towards 1-week peak, intraday bias bullish
The Swedish Krona slumped, hovering towards a 1-week low hit in the prior session following Riksbank's policy decision. Sweden's central bank left its key repo rate unchanged at 0 percent as expected and substantially bo…
The Swedish Krona slumped, hovering towards a 1-week low hit in the prior session following Riksbank's policy decision.
Sweden's central bank left its key repo rate unchanged at 0 percent as expected and substantially boosted the size of its asset purchases, including corporate bonds for the first time.
The central bank expects the economy to shrink 4.5 percent this year, though the government sees a 6 percent contraction.
Data released earlier showed Sweden's Swedbank Manufacturing PMI rose to 47.3 in June, compared to a forecast of 48.4.
USD/SEK trades 0.6 percent up at 9.3711, having hit a high of 9.3878 the day before, its highest since June 23.
Immediate resistance is located at 9.3972, any close above could take it near 9.4252.
On the lower side, support is seen at 9.2737, break below could take it till 9.2527.
