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4 Apr 2013
Forex: EUR/SEK eyes 8.3400 on softer PMI
FXstreet.com (Barcelona) - The Swedish krona is rapidly losing ground against the single currency on Thursday, after the services PMI in the Nordic economy fell below the 50 threshold in March, printing 47.3 from February’s 54.6.
No further data/results are expected in Sweden, although the pair would be under pressure as the ECB will hold its monthly gathering later.
At the moment, the cross is up 0.45% at 8.3997 with the next hurdle at 8.3670 (MA30d) ahead of 8.4585 (high Mar.25) and finally 8.4626 (high Feb.28).
On the other hand, a breakdown of 8.2840 (low Mar.27) would expose 8.2550 (2013 low Mar.13) and then 8.2100 (low Aug.28 2012).
No further data/results are expected in Sweden, although the pair would be under pressure as the ECB will hold its monthly gathering later.
At the moment, the cross is up 0.45% at 8.3997 with the next hurdle at 8.3670 (MA30d) ahead of 8.4585 (high Mar.25) and finally 8.4626 (high Feb.28).
On the other hand, a breakdown of 8.2840 (low Mar.27) would expose 8.2550 (2013 low Mar.13) and then 8.2100 (low Aug.28 2012).