Wednesday, September 16, 2015

EUR/SEK lower on Riksbank minutes

FXStreet (Edinburgh) - The Swedish krona is sharply higher vs. its European peer on Wednesday, now dragging EUR/SEK to fresh lows near 9.3200.

EUR/SEK lower on Riksbank minutes

SEK has gathered further momentum after the upbeat assessment of the domestic economy by the Riksbank at today’s minutes. The Nordic central bank sees the current monetary conditions to be benefiting the economy and mainly fuelling expectations of a pick up in the inflation figures, which are now expected to reach the target in 2016.

However, the bank has also expressed its concerns regarding the downside pressure on domestic prices coming from lower energy prices and developments overseas.

Finally, members have reiterated the readiness by the central bank to intervene if needed and that the decision to keep the current monetary stance was unanimous.

EUR/SEK levels to watch

As of writing the cross is losing 0.37% at 9.3299 with the next support at 9.3237 (low Sep.16) ahead of 9.3136 (low Sep.15) and then 9.2755 (low Jul.16). On the flip side, the next up barrier aligns at today’s peak at 9.4398 followed by 9.4560 (high Sep.7) and finally 9.5490 (high Sep.1).
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