EUR/SEK edging to session highs above 9.6700

The Swedish Krona is sharply lower vs. its European peer at the end of the week, now lifting EUR/SEK to the area of daily highs beyond 9.6700 the figure.

EUR/SEK higher on Riksbank

SEK met extra selling pressure today after Riksbank’s Jansson said that last month’s inflation figures are not a sign of a better trend. Jansson added that the CPI could probable drop from recent levels in the next months.

Recall that consumer prices in the Nordic economy rose 1.9% on a year to April, more than initially estimated.

SEK remains under pressure via the Riksbank, as several Board members have reiterated the readiness of the central bank to intervene in the FX markets should the Krona appreciates too much (too soon).

In the meantime, the cross is performing erratically so far this week, although keeping the trade in the upper end of the recent range, closer to 2017 tops beyond 9.7000 the figure.

EUR/SEK levels to consider

As of writing the cross is up 0.20% at 9.6682 and a break above 9.7048 (high May 11) would open the door to 9.7070 (high May 10) and finally 9.7189 (2017 high May 5). On the other hand, the next support is located at 9.6358 (20-day sma) seconded by 9.6248 (low May 11) and then 9.6112 (200-day sma).