Forex: EUR/SEK recovering ground after Swedish data
Forex pairs in this Article »
EUR/SEK
FXstreet.com (Barcelona) - The Swedish krona is losing some ground against the single currency on Thursday, after a sharp appreciation has followed a lower unemployment rate in Sweden during October. The jobless rate fell to 7.1% from September's 7.4%. Expectations were also calling for 7.4%.
In the view of Senior Analyst at Danske Bank, C.Tuxen, "& an expected rate cut in December, and a general weak risk environment all point towards a weaker SEK. Our short-term financial model for EURSEK hints at a fair-value of 8.80, reflecting that the FX market has not reacted to the pronounced change in risk appetite and in relative rates".
As of writing, the cross is up 0.04% at 8.6473 with the next hurdle at 8.6965 (Upper Bollinger) ahead of 8.7520 (high Jul.4) and then 8.7746 (high Jul.2).
On the flip side, a breach of 8.5920 (MA14d) would bring 8.5330 (Lower Bollinger) and 8.5000 (low Nov.8).
In the view of Senior Analyst at Danske Bank, C.Tuxen, "& an expected rate cut in December, and a general weak risk environment all point towards a weaker SEK. Our short-term financial model for EURSEK hints at a fair-value of 8.80, reflecting that the FX market has not reacted to the pronounced change in risk appetite and in relative rates".
As of writing, the cross is up 0.04% at 8.6473 with the next hurdle at 8.6965 (Upper Bollinger) ahead of 8.7520 (high Jul.4) and then 8.7746 (high Jul.2).
On the flip side, a breach of 8.5920 (MA14d) would bring 8.5330 (Lower Bollinger) and 8.5000 (low Nov.8).
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