10 Jun 2013
EUR/SEK retreating from highs, around 8.7000
FXstreet.com (Barcelona) - The Swedish krona is now picking up pace against the shared currency on Monday, after hitting daily lows in the boundaries of 8.7200.
The weakness surrounding the krona intensified after the industrial production in the Scandinavian economy contracted at an annual pace of 0.8% April, below forecasts and March’s drop of 0.1%. On a monthly basis, production fell 0.5% from +0.6% previous. The SEK depreciated to the boundaries of 8.7200 in the wake of the data, gaining some ground afterwards.
At the moment the cross is up 0.48% at 8.7118 with the next resistance at 8.7465 (high Dec.19 2012) ahead of 8.7770 (high Dec.18 2012). On the downside, a violation of 8.5815 (MA30d) would expose 8.5475 (MA200d) and finally 8.5305 (low May 22).
The weakness surrounding the krona intensified after the industrial production in the Scandinavian economy contracted at an annual pace of 0.8% April, below forecasts and March’s drop of 0.1%. On a monthly basis, production fell 0.5% from +0.6% previous. The SEK depreciated to the boundaries of 8.7200 in the wake of the data, gaining some ground afterwards.
At the moment the cross is up 0.48% at 8.7118 with the next resistance at 8.7465 (high Dec.19 2012) ahead of 8.7770 (high Dec.18 2012). On the downside, a violation of 8.5815 (MA30d) would expose 8.5475 (MA200d) and finally 8.5305 (low May 22).