FxWirePro: USD/SEK consolidates near 2-1/2 year low, faces resistance at 5-DMA
Tuesday, November 10, 2020 12:00 PM UTC
- The Swedish Krona consolidated within narrow ranges after rising to an over 2-1/2 year high in the prior session as the greenback rose against a basket of currencies.
- The dollar index surged amid expectations of better global trade ties and more monetary stimulus under U.S. President-elect Joe Biden.
- The greenback against a basket of currencies traded 0.1 percent up at 92.80, having touched a low of 92.13 on Monday, its lowest since September 1.
- Investors also digested Sweden's upbeat economic data showing household consumption rose by 0.6 percent from a month earlier in September 2020, following an upwardly revised 0.4 percent growth in August
- USD/SEK trades 0.05 percent lower at 8.6226, having hit a low of 8.5532 on Monday, its lowest since 26 April 2018.
- Immediate resistance is located at 8.6670, any close above could take it above 8.7000.
- On the lower side, support is seen at 8.5630, break below could take it till 8.5420.