Thursday, September 10, 2015

EUR/SEK off highs, back near 9.4100

FXStreet (Edinburgh) - After climbing as high as 9.4400 the figure in early trade, EUR/SEK has now returned to the 9.4100 area.

EUR/SEK buoyant post-data

The cross keeps the upside bias intact after consumer prices in the Swedish economy contracted 0.2% inter-month during August, missing estimates for a 0.1% drop; on a yearly basis the CPI contracted 0.2%. In addition, CPI at constant interest rates fell 0.1% Mom and advanced 0.8% over the last twelve months.

In the meantime, market participants keep factoring in the recent releases with the likeliness of further easing by the Riksbank at its meting later in the month. It is worth noting that the Prospera Survey on inflation expectations has placed the CPI at 0.7% in a year’s time, 1.1% in 2017 and 1.7% in 2020.

EUR/SEK key levels

The cross is now up 0.05% at 9.4150 facing the next hurdle at 9.4355 (high Sep.10) followed by 9.4560 (high Sep.7) and then 9.4819 (high Sep.3). On the flip side, a breach of 9.3715 (low Sep.10) would aim for 9.3506 (low Sep.3) and finally 9.2755 (low Jul.16).
For more information, read our latest forex news.

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