EUR/SEK drops to lows on GDP data

The Swedish Krona is appreciating moderately vs. its European peer on Wednesday, sending EUR/SEK to the area of daily lows near 9.5420.

EUR/SEK lower post-data

SEK has picked up extra pace after auspicious results from the Swedish GDP showed the Nordic economy has expanded at an annualized 3.4% during the second quarter and 0.5% inter-quarter, both prints coming in above expectations at 3.2% and 0.4%, respectively.

The cross is thus retracing yesterday’s strong advance to the vicinity of the 9.58 handle after inflation figures in Sweden have come in below forecasts for the month of August.

EUR/SEK levels to consider

As of writing the cross is losing 0.23% at 9.5476 and a breakdown of 9.5156 (20-day sma) would open the door to 9.4693 (low Sep.8) and finally 9.4085 (100-day sma). On the other hand, the next up barrier is located at 9.5793 (high Sep.13) followed by 9.6056 (high Aug.2) and finally 9.6245 (2016 high Sep.2).