EUR/SEK drops to lows near 9.4600

The Swedish krona is sharply higher vs. the single currency today, with EUR/SEK testing lows in the vicinity of the 94600 handle.

EUR/SEK lower post-CPI

The cross has gathered extra downside traction after consumer prices in the Nordic economy have matched expectations during June, with CPI rising 0.1% MoM and 1.0% over the last twelve months.

Further data saw CPI at constant interest rates at 0.1% inter-month and 1.5% on an annualized basis.

The cross is thus accelerating its correction lower from last week’s tops in the 9.5200 limestone.

EUR/SEK levels to consider

As of writing the cross is losing 0.25% at 9.4588 and a break below 9.4088 (20-day sma) would aim for 9.3703 (low Jul.1) and finally 9.3299 (55-day sma). On the other hand, the next up barrier aligns at 9.5194 (high Jul.8) followed by 9.5914 (high Jun.24) and then 9.6163 (2016 high Feb.11).