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15 Aug 2017

EUR/SEK plummets to lows post CPI, near 9.4800

The Swedish Krona is rapidly appreciating vs. its European peer on Tuesday and is now dragging EUR/SEK to the area of daily low near the 9.4800 region.

EUR/SEK weaker on upbeat CPI

SEK has quickly gathered traction after inflation figures in the Nordic economy surprised to the upside in July. In fact, consumer prices rose at an annualized 2.2% (vs. 1.9% forecasted) and 0.5% (vs. 0.2%).

Further data saw the CPI at constant interest rates rising 2.4% (vs. 2.0%) over the last twelve months and 0.6% on a monthly basis (vs. 0.2%).

The cross rapidly dropped to levels last seen in mid-March around 9.4800 in the wake of the release, where it now seems to have met some buyers. SEK remains on the firm note nonetheless, looking to break below the consolidative theme prevailing since mid-July and gaining more than 3% since 2017 tops above 9.81 recorded in early June.

EUR/SEK levels to consider

As of writing the cross is losing 0.67% at 9.4927 and a breakdown of 9.4811 (low Aug.15) would aim for 9.4503 (low Mar.17) and then 9.4300 (low Feb.15). On the upside, the immediate barrier is located at 9.5534 (23.6% Fibo of the 2017 up move) seconded by 9.5801 (21-day sma) and finally 9.5874 (10-day sma).

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