EUR/SEK dips to lows near 9.3900

By FXStreet FXStreet (Edinburgh) – The weakness around the euro is relegating EUR/SEK to trade in the area of session lows around the 9.3900 handle.

EUR/SEK follows EUR down

The cross is trading in weekly lows, accelerating its correction lower from session tops near 9.4400 following the increasing offered tone surrounding the single currency.

It will be a key week in the data front for the Swedish economy, as the unemployment rate, inflation figures and the GDP performance during the second quarter are all due ahead of the critical Riksbank meeting due later in the month. Prior surveys expect the Nordic central bank to leave its monetary policy unchanged, although further rate cut are now totally ruled out in the next months.

EUR/SEK levels to watch

At the moment the cross is losing 0.24% at 9.3921 facing the immediate support at 9.3506 (low Sep.3) ahead of 9.3361 (low Jul.22) and finally 9.2755 (low Jul.16). On the flip side, a breakout of 9.4342 (high Sep.9) would aim for 9.4560 (high Sep.7) and then 9.5490 (high Sep.1).
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Source:: FX Street