FxWirePro: USD/SEK eases following Sweden's better-than-expected economic data, outlook remains bearish
Thursday, May 28, 2020 12:02 PM UTC
- The Swedish Krona rallied, extending gains for the third straight session, following better-than-expected economic data.
- Sweden's retail sales increased 0.20 percent in April after declining 1.5 percent in the previous month.
- A separate survey showed the economy's inflation expectations increased to 3.10 percent in May from 2.60 percent in April.
- Sweden's total industry confidence indicator rose to 58.2 in May from an upwardly revised 55.1 in April, while consumer confidence increased to 77.3 in May from an upwardly revised 73.9 in April.
- USD/SEK trades 0.1 percent down at 9.5893, having hit a low of 9.5611 on Wednesday, its lowest since May 21.
- Immediate resistance is located at 9.6331 (5-DMA), any close above could take it near 9.6476 (7-EMA).
- On the lower side, support is seen at 9.5525, break below could take it till 9.5363.