FxWirePro: Swedish Krona gains on upbeat economic data
Tuesday, August 18, 2020 10:14 AM UTC
- The Swedish Krona surged following the release of upbeat induatrial inventories figures.
- Sweden's industrial inventories increased by SEK 2.1 billion in the second quarter of 2020, following an upwardly revised SEK 5.8 billion in the previous period.
- Moreover, weakness in the dollar index further supported the upside around the Swedish currency.
- USD/SEK trades 0.05 percent lower at 8.6799, having hit a low of 8.6516 on Thursday, its lowest since August 6.
- Immediate resistance is located at 8.7012 (7-EMA), any close above could take it near 8.7241.
- On the lower side, support is seen at 8.6471, break below could take it till 8.6240..