FxWirePro: USD/SEK retreats from 1-week peak, fails to break above 8.800
The Swedish Krona retreated from an over 1-week low following the release of upbeat economic data. Sweden's consumer price inflation rate declined to 0.5 percent in July from a 4-month high of 0.7 percent in June but abo…
The Swedish Krona retreated from an over 1-week low following the release of upbeat economic data.
Sweden's consumer price inflation rate declined to 0.5 percent in July from a 4-month high of 0.7 percent in June but above market expectations of 0.3 percent. On monthly basis, consumer price index increased 0.20 percent in July.
Moreover, weakness in the dollar index also supported the bid tone around the Swedish currency.
USD/SEK trades 0.5 percent lower at 8.7103, having hit a high of 8.7902 earlier, its highest since August 3.
Immediate resistance is located at 8.8254 (21-DMA), any close above could take it near 8.8406 (21-DMA).
On the lower side, support is seen at 8.6855, break below could take it till 8.6580.
