FxWirePro: USD/SEK set for fifth straight monthly decline, struggles to break below 8.6000
Monday, August 31, 2020 10:59 AM UTC
- The Swedish Krona nudged up, reteating from an over 2-year high hit in the prior session as the dollar index steadied near recent lows against a basket of currencies.
- The greenback held firm near 2-year lows and was poised to register a fourth straight monthly decline as investors bet on U.S. rates staying low for longer.
- USD/SEK trades 0.2 percent higher at 8.6309, having hit a low of 8.6083 on Friday, its lowest since June 2018.
- The Swedish currency has gained nearly 7.8 percent this year and was on track for its fifth consecutive monthly gain.
- Immediate resistance is located at 8.6640, any close above could take it near 8.6833.
- On the lower side, support is seen at 8.5972, break below could take it till 8.5773.