FxWirePro: USD/SEK near 3-month trough, outlook remains bearish
Tuesday, June 2, 2020 10:57 AM UTC
- The Swedish Krona rallied to a near 3-month peak as the greenback plunged against a basket of currencies.
- The dollar index fell to its lowest level since March 13 amid growing concern over U.S.-China tensions and mass protests across the United States over the death of a black man in police custody.
- Moreover, investors continued to digest better-than-expected Sweden's Swedbank Manufacturing PMI, which rose to 39.2 in May from a downwardly revised 36.4 in the previous month.
- USD/SEK trades 0.05 percent down at 9.3550, having hit a low of 9.3244 earlier, its lowest since March 9.
- Immediate resistance is located at 9.3981, any close above could take it near 9.4437.
- On the lower side, support is seen at 9.3014, break below could take it till 9.2942 / 9.2850.