EUR/SEK tanks on data, Draghi

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The Swedish krona is now rapidly appreciating vs. the single currency, dragging EUR/SEK to test lows near 9.2900 the figure.

    EUR/SEK lower on CPI, Draghi

    The cross has gathered further downside pressure after inflation figures in the Nordic economy has in general matched previous estimates during October. In fact, domestic consumer prices rose at a monthly pace of 0.1% and 0.1% over the last twelve months. In addition, CPI at constant interest rates rose 1.1% on a yearly basis and 0.1% inter-month.

    It is worth noting that inflation expectations tracked by Prospera-TNS Sifo for the month of November showed the CPI climbing to 1.6% and 1.8% in 2 and 5 year’s time, unchanged from the October’s survey.

    EUR/SEK met additional selling pressure after ECB’s M.Draghi has reiterated the Council will re-examine the region’s monetary policy at its meeting next month.

    EUR/SEK levels to consider

    At the moment the cross is retreating 0.23% at 9.3028 and a breach of 9.2693 (4-month uptrend) would aim for 9.2616 (low Nov.6 ) and then 9.2293 (low Oct.13). On the other hand, the next hurdle lies at 9.3640 (200-day sma) followed by 9.3766 (38.2% Fibo of 9.6775-9.1902) and then 9.4036 (100-day sma).
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