EUR/SEK clinches highs post-Riksbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The Swedish krona is now rapidly depreciating vs. the shared currency, sending EUR/SEK to the upper end of the range near 9.6100.

    EUR/SEK stronger on Riksbank

    The cross is picking up further upside momentum after the Riksbank has surprised markets with a 15 bps rate cut vs. 10 bp expected, taking the repo rate to -0.50%. The central bank will maintain its purchases of government bond during the first half of the year, according to the October meeting.

    The Riksbank has also reiterated its readiness to loosen the monetary policy further in order to keep in line the inflation target.

    EUR/SEK levels to consider

    As of writing the cross is advancing 1.11% at 9.6055 facing the next hurdle at 9.6521 (high Aug.25 2015) and then 9.6773 (high Aug.26 2015). On the other hand, a break below 9.3633 (20-day sma) would expose 9.3464 (200-day sma) and finally 9.2906 (55-day sma).
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