Back
3 Jul 2014
EUR/SEK in multi-year highs
FXStreet (Edinburgh) - The Swedish krona is rapidly depreciating vs. the euro on Thursday, lifting the EUR/SEK to fresh multi-year highs just below the critical 9.4000 level.
EUR/SEK weaker post-Riksbank
The SEK is trading at levels last seen in late 2010 above 9.3900 after the Riksbank cut the repo rate by 50 bp to 0.25%. The Nordic central bank revised substantially lower its rate path and signalled that the next rate hike could be in late 2015. The rate cut caught markets off guard as expectations were for a 25 bp cut, hammering the krona.
EUR/SEK levels to consider
At the moment the cross is up 1.95% at 9.3435 with the next resistance at 9.3890 (high Jul.3) and then 9.4000 (psychological level). On the flip side, a breakdown of 9.1375 (low Jul.1) would expose 9.1045 (low Jun.23) and then 9,1020 (low Jun.20).
EUR/SEK weaker post-Riksbank
The SEK is trading at levels last seen in late 2010 above 9.3900 after the Riksbank cut the repo rate by 50 bp to 0.25%. The Nordic central bank revised substantially lower its rate path and signalled that the next rate hike could be in late 2015. The rate cut caught markets off guard as expectations were for a 25 bp cut, hammering the krona.
EUR/SEK levels to consider
At the moment the cross is up 1.95% at 9.3435 with the next resistance at 9.3890 (high Jul.3) and then 9.4000 (psychological level). On the flip side, a breakdown of 9.1375 (low Jul.1) would expose 9.1045 (low Jun.23) and then 9,1020 (low Jun.20).