Brocker.Org: EUR/SEK breaks below 9.63 on CPI


The Swedish Krona is sharply higher vs. its European peer on Thursday, now dragging EUR/SEK to visit fresh daily lows in sub-9.6300 levels.

EUR/SEK weaker post-CPI

SEK met increasing buying interest after inflation figures in the Nordic economy have surprised markets to the upside for the month of April.

Consumer prices gauged by the CPI rose at an annualized 1.9% and 0.6% on a monthly basis. In addition, CPIF (CPI at constant interest rates) rose 2.0% YoY and 0.6% inter-month.

The cross dipped to fresh multi-day lows in the wake of the releases, reverting at the same time three consecutive daily advances and coming down from weekly tops beyond the critical 9.7000 handle.

EUR/SEK levels to consider

As of writing the cross is losing 0.56% at 9.6424 facing the immediate support at 9.6248 (low May 11) followed by 9.6103 (200-day sma) and then 9.5803 (55-day sma). On the flip side, a break above 9.7070 (high May 10) would aim for 9.7189 (2017 high May 5) and finally 9.8487 (high Dec.16 2016).