FxWirePro: USD/SEK hits 2-1/2 month low, outlook remains bearish
Thursday, May 21, 2020 12:41 PM UTC
- The Swedish Krona rallied to a 2-1/2 -month peak as Sweden is likely to benefit from exports and increased foreign trade in the coming weeks.
- However, growing doubts over Sweden’s ability to handle the economic crisis caused by the coronavirus pandemic limited upside in the Swedish currency.
- USD/SEK trades 0.2 percent down at 9.5650, having hit a low of 9.5556 earlier, its lowest since March 12.
- Immediate resistance is located at 9.6324, any close above could take it near 9.6556.
- On the lower side, support is seen at 9.5404, break below could take it till 9.5137.