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FxWirePro: USD/SEK hovers towards 1-week peak, intraday bias bullish

  • The Swedish Krona slumped, hovering towards a 1-week low hit in the prior session following Riksbank's policy decision. 
     
  • Sweden's central bank left its key repo rate unchanged at 0 percent as expected and substantially boosted the size of its asset purchases, including corporate bonds for the first time. 
     
  • The central bank expects the economy to shrink 4.5 percent this year, though the government sees a 6 percent contraction.
     
  • Data released earlier showed Sweden's Swedbank Manufacturing PMI rose to 47.3 in June, compared to a forecast of 48.4. 
     
  • USD/SEK trades 0.6 percent up at 9.3711, having hit a high of 9.3878 the day before, its highest since June 23.
     
  • Immediate resistance is located at 9.3972, any close above could take it near 9.4252.
     
  • On the lower side, support is seen at 9.2737, break below could take it till 9.2527.
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