FxWirePro: USD/SEK plunges to 2-year low, likely to test 8.7300
The Swedish Krona surged to a 2-year high as the dollar slumped against a basket of currencies. The dollar index declined as investors awaited the Federal Reserve meeting on Tuesday and Wednesday that could confirm recen…
The Swedish Krona surged to a 2-year high as the dollar slumped against a basket of currencies.
The dollar index declined as investors awaited the Federal Reserve meeting on Tuesday and Wednesday that could confirm recent hints about the benefits of an average inflation target, which would allow rates to stay lower for longer.
USD/SEK trades 0.9 percent down at 8.7536, having hit a low of 8.7453 earlier, its lowest since late July 2018.
Immediate resistance is located at 8.8722 (5-DMA), any close above could take it near 8.9186 (7-EMA).
On the lower side, support is seen at 8.7300, break below could take it till 8.7115.
