FxWirePro: Swedish Krona eases as consumer confidence weakens on Covid-19 pandemic fears
Thursday, March 26, 2020 12:40 PM UTC
- The Swedish Krona eased as consumer confidence weakened amid concerns about the Covid-19 pandemic and its impacts on jobs and the economy.
- Sweden's consumer confidence indicator declined 8.9 points from the previous month to 89.6 in March, the lowest level since December 2012, while industry confidence indicator dropped 5.9 points from a month earlier to 91.0 in March, the lowest since April 2013.
- Moreover, separate data showing Inflation Expectations decreased to 3.10 percent in March from 3.40 percent in February of 2020 further dented the bid tone around the Swedish currency.
- On Wednesday, the pair plunged to a 1-week low but found major support at 21-EMA.
- EUR/SEK trades 0.2 percent up at 10.9891, having hit a low of 10.8608 on Wednesday, its lowest since March 18.
- Immediate resistance is located at 11.0803, any close above could take it near 11.1088.
- On the lower side, support is seen at 10.9110, break below could take it till 10.8682.