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18 Mar 2015
EUR/SEK jumps to 9.3200 on rate cut
FXStreet (Edinburgh) - The Swedish krona is rapidly depreciating against the euro on Wednesday, sending EUR/SEK to fresh highs around 9.3200.
EUR/SEK stronger post-Riksbank
The cross climbed higher after the Riksbank unexpectedly lowered its benchmark rate by 25 bp into the negative territory. The measure caught markets off guards and lifted the cross to 2-week highs around 9.3200. The Nordic central bank also announced sovereign bond purchases with maturities up to 25 year starting in March 26th until May; it also stressed that further measures remain on the table, including FX intervention.
EUR/SEK levels to watch
As of writing the cross is advancing 1.33% at 9.3235 with the next hurdle at 9.3650 (100-d MA) followed by 9.3696 (high Mar.2). On the flip side, a breakdown of 9.2715 (200-d MA) would aim for 9.1580 (low Mar.18).
EUR/SEK stronger post-Riksbank
The cross climbed higher after the Riksbank unexpectedly lowered its benchmark rate by 25 bp into the negative territory. The measure caught markets off guards and lifted the cross to 2-week highs around 9.3200. The Nordic central bank also announced sovereign bond purchases with maturities up to 25 year starting in March 26th until May; it also stressed that further measures remain on the table, including FX intervention.
EUR/SEK levels to watch
As of writing the cross is advancing 1.33% at 9.3235 with the next hurdle at 9.3650 (100-d MA) followed by 9.3696 (high Mar.2). On the flip side, a breakdown of 9.2715 (200-d MA) would aim for 9.1580 (low Mar.18).