FxWirePro: USD/SEK plunges to 1-1/2 year trough, outlook remains bearish
The Swedish Krona advanced to a 1-1/2 year peak as the dollar slumped across the board. The dollar index declined to a 4-1/2 month low as progress in developing vaccines for the novel coronavirus reduced the U.S. dollar’…
The Swedish Krona advanced to a 1-1/2 year peak as the dollar slumped across the board.
The dollar index declined to a 4-1/2 month low as progress in developing vaccines for the novel coronavirus reduced the U.S. dollar’s safe-haven appeal.
Moreover, concern about disagreement over stimulus spending in the United States further dented the bid tone around the greenback.
Republican and Democratic lawmakers said they expected the legislation to include more funding for coronavirus testing, despite earlier resistance to the idea from President Donald Trump’s administration.
The greenback against a basket of currencies traded 0.2 percent lower at 94.98, having touched a low of 94.96 earlier, its lowest since March 9.
USD/SEK trades 0.3 percent down at 8.8515, having hit a low of 8.5000 earlier, its lowest since late January 2019.
Immediate resistance is located at 8.9566, any close above could take it near 8.9998.
On the lower side, support is seen at 8.8477, break below could take it till 8.7714.
