FxWirePro: USD/SEK retreats from 2-year trough, outlook turns bullish
Friday, August 7, 2020 11:19 AM UTC
- The Swedish Krona plunged, retreating from a 2-year peak hit in the prior session as the greenback surged against a basket of currencies.
- The dollar index rebounded after President Donald Trump took steps to ban transactions with the Chinese owners of two popular mobile apps.
- Investors now await non-farm payrolls due later in the day, which are widely expected to show U.S. jobs creation slowed in July from the previous month.
- USD/SEK trades 0.5 percent higher at 8.7266, having hit a low of 8.6236 on Thursday, its lowest since June 2018.
- Immediate resistance is located at 8.7720, any close above could take it near 8.8068.
- On the lower side, support is seen at 8.6394, break below could take it till 8.6010.