FxWirePro: USD/SEK plunges to 2-1/2 month low, outlook continues to remain bearish
Friday, May 29, 2020 12:24 PM UTC
- The Swedish Krona advanced to a 2-1/2 month peak following upbeat growth figures.
- The Swedish economy advanced 0.1 percent on quarter in the first three months of 2020, compared to an initial estimate of a 0.3 percent contraction and beating forecasts of a 0.6 percent decline.
- USD/SEK trades 1.2 percent down at 9.4107, having hit a low of 9.4103 earlier, its lowest since March 9.
- Immediate resistance is located at 9.5634, any close above could take it near 9.5993.
- On the lower side, support is seen at 9.3851, break below could take it till 9.3575.