EUR/SEK bounces off lows after data, above 9.4500

The Swedish Krona has surrendered initial gains vs. its European peer on Friday, now taking EUR/SEK to the 9.4500 area.

EUR/SEK supported near 9.4400

SEK advanced to the 9.44 area just to give away those gains soon afterwards following mixed results from the Swedish docket. In fact, Consumer Confidence has improved for the current month, although Retail Sales have contracted at a monthly 2.9% during December, reverting November’s 1.7% gain.

Despite today’s correction, SEK remains in multi-day tops, trading closer to 2017 lows seen in mid-January just above 9.4300 the figure.

In the meantime, strong fundamentals in the Nordic economy, higher inflation expectations (as per the latest TNS Prospera survey) and a steady stance from the Riksbank all remain supportive of the Krona.

EUR/SEK levels to consider

As of writing the cross is advancing 0.14% at 9.4550 and a breakout of 9.4887 (high Jan.26) would expose 9.5190 (20-day sma) and finally 9.5403 (200-day sma). On the other hand, the next down barrier aligns at 9.4332 (low Jan.26) followed by 9.4327 (2017 low Jan.16) and then 9.4003 (monthly low Aug.11).