FxWirePro: USD/SEK hovers towards 2-week low, minor support at 21-EMA
The Swedish Krona rose, hovering towards a 2-week peak hit last week following the release of better-than-expected service PMI. Sweden's services PMI declined to a seasonally adjusted 54.7 in September from an upwardly r…
The Swedish Krona rose, hovering towards a 2-week peak hit last week following the release of better-than-expected service PMI.
Sweden's services PMI declined to a seasonally adjusted 54.7 in September from an upwardly revised 57.3 in the previous month, pointing to the fourth straight month of expansion in the service sector, but above forecast of 54.
The bid tone around the Swedish currency was also strengthened by a drop in the greenback.
The dollar index eased amid expectations that U.S. Congress will pass a stimulus package aimed to cushion the economic blow from the pandemic ahead of the presidential election in November.
USD/SEK trades 0.3 percent lower at 8.8916, having hit a low of 8.8861 earlier, its lowest since September 22.
Immediate resistance is located at 8.9479 (7-EMA), any close above could take it near 8.9741 (10-DMA).
On the lower side, support is seen at 8.8660 (21-DMA), break below could take it till 8.8330.
