EUR/SEK tumbles to 6-day lows near 9.7200

The Swedish Krona is picking up further pace on Wednesday, now dragging EUR/SEK to test daily lows near 9.7200 the figure.

EUR/SEK weaker post-data

The cross is trading in fresh multi-day lows around the 9.7200 handle after Swedish Consumer Confidence surpassed expectations at 105.9 for the month of May, while Manufacturing Confidence dropped to 117.0 from 122.9.

Further data in Sweden saw Producer Prices contracting at a monthly 0.3% and gaining 7.2% on an annualized basis.

SEK is thus accelerating its weekly upside vs. its European peer, advancing since Monday’s 2017 lows in the 9.8000 neighbourhood and always amidst robust fundamentals and under the close watch of the Riksbank.

EUR/SEK levels to consider

As of writing the cross is losing 0.07% at 9.7279 facing the next support at 9.6903 (20-day sma) seconded by 9.6219 (200-day sma) and then 9.6208 (low May 11). On the other hand, a break above 9.7774 (high May 23) would open the door to 9.8018 (2017 high May 22) and finally 9.8487 (high Dec.16 2016).