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FxWirePro: Swedish Krona off 2-1/2 month trough on upbeat economic data

  • The Swedish Krona rose, drifting away from a 2-1/2 month low recorded last week following the release of upbeat economic data. 
     
  • Sweden's total industry confidence indicator increased by 7.3 points from the previous month to a 7-month high of 93.6 in September 2020. Separate data showed consumer confidence indicator increased by 3.2 points from the previous month to 88.3 in September 2020. 
     
  • Sentiment improved among manufacturers, service providers and retailers, while morale among constructors deteriorated.
     
  • Meanwhile, inflation expectations in Sweden increased to 3.10 percent in September from 2.80 percent in August. 
     
  • The bid tone around the Swedish currency strengthened further as the greenback eased across the board. 
     
  • The dollar index eased to a near 1-week low amid political developments in the United States and worries that the economic recovery is stalling as many stimulus programs have expired, curbing consumer spending.
     
  • USD/SEK trades 0.3 percent lower at 9.0107, having hit a high of 9.1649 on Friday, its highest since July 14.
     
  • Immediate resistance is located at 9.0660, any close above could take it near 9.0840. 
     
  • On the lower side, support is seen at 8.9859 (7-EMA), break below could take it till 8.9571. 
  • Market Data
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