FXStreet (Edinburgh) – The Swedish krona is gathering further traction vs. the euro on Tuesday, with EUR/SEK currently hovering over the 9.39 area.
EUR/SEK indifferent post-data
The cross is grinding lower after Consumer Confidence in the Nordic economy has surprised investors to the upside, rising to 98.8 for the current month. Further data saw the trade surplus expanding to SEK 3.30 billion during September, reverting August’s deficit of SEK 2.50 billion. On the other hand, Producer Prices have contracted at an annual pace of 1.4% and 0.3% from August to September.
Next risk event for the SEK will be the Riksbank meeting due tomorrow. Prior surveys expect the Nordic central bank to remain on hold this time, although the likeliness of further easing by the ECB could prompt the Riksbank to act in the same direction in the near term.
EUR/SEK levels to consider
At the moment the cross is losing 0.21% at 9.3889 facing the next support at 9.3659 (200-day sma) followed by 9.3300 (23.6% Fibo of 9.6775-9.2293) and then 9.2293 (monthly low Oct.13). On the flip side, a break above of 9.4267 (downtrend from 9.6775) would expose 9.4534 (50% Fibo of 9.6775-9.2293) and finally 9.5350 (high Sep.28).
(Market News Provided by FXstreet)