FxWirePro: Swedish Krona hits 1 year peak on upbeat service PMI
Wednesday, June 3, 2020 11:28 AM UTC
- The Swedish Krona advanced to a 1-year peak on the back of upbeat service PMI and broad-based U.S. dollar weakness.
- Sweden's Services PMI increased to a seasonally adjusted 40.9 in May from 39.0 in the previous month.
- The dollar index eased to a near 3-month low amid increasing friction between Washington and Beijing and protests in the United States over racism.
- USD/SEK trades 0.1 percent up at 9.3390, having hit a low of 9.2618 earlier, its lowest since June 2019.
- Immediate resistance is located at 9.3867, any close above could take it near 9.4388 (5-DMA).
- On the lower side, support is seen at 9.2410, break below could take it till 9.2155.