FxWirePro: USD/SEK retreats from recent highs, faces resistance at 10-DMA
The Swedish Krona surged following the release of upbeat economic data. Sweden's trade surplus widened to SEK 2.6 billion in September from SEK 1.4 billion a year earlier. Exports of goods decreased 3 percent year-on-yea…
The Swedish Krona surged following the release of upbeat economic data.
Sweden's trade surplus widened to SEK 2.6 billion in September from SEK 1.4 billion a year earlier. Exports of goods decreased 3 percent year-on-year to SEK 124.6 billion, while imports of goods shrank 4 percent to SEK 122 billion.
Separate data showed the value of loans in Sweden increased 5.20 percent in September over the same month in the previous year.
Moreover, weakness in the greenback further boosted the bid tone around the Swedish currency.
USD/SEK trades 0.3 percent lower at 8.7151, having hit a low of 8.7117 earlier, its lowest since October 22.
Immediate resistance is located at 8.7868 (10-DMA), any close above could take it above 8.8130 (21-EMA).
On the lower side, support is seen at 8.7012, break below could take it till 8.6843.
