FxWirePro: USD/SEK retreats from 1-week peak, fails to break above 8.800
Wednesday, August 12, 2020 12:38 PM UTC
- The Swedish Krona retreated from an over 1-week low following the release of upbeat economic data.
- Sweden's consumer price inflation rate declined to 0.5 percent in July from a 4-month high of 0.7 percent in June but above market expectations of 0.3 percent. On monthly basis, consumer price index increased 0.20 percent in July.
- Moreover, weakness in the dollar index also supported the bid tone around the Swedish currency.
- USD/SEK trades 0.5 percent lower at 8.7103, having hit a high of 8.7902 earlier, its highest since August 3.
- Immediate resistance is located at 8.8254 (21-DMA), any close above could take it near 8.8406 (21-DMA).
- On the lower side, support is seen at 8.6855, break below could take it till 8.6580.