EUR/SEK sinks to lows near 9.40 on CPI

The Swedish Krona is now rapidly appreciating vs. its European peer, taking EUR/SEK to the 9.40 neighbourhood, or session lows.

EUR/SEK weaker post-data

SEK met further buying pressure after inflation figures in the Nordic economy have come in above expectations during July. In fact, headline CPI rose 0.1% inter-month and 1.1% over the last twelve months, while CPIF (CPI at constant interest rates) rose 0.1% on a monthly basis and 1.4% YoY.

The cross has quickly dropped to fresh 4-week lows near the 9.4000 handle in the wake of the releases, extending the decline for the third session in a row.

EUR/SEK levels to consider

As of writing the cross is losing 0.39% at 9.4260 and a breakdown of 9.4077 (low Aug.11) would aim for 9.4035 (low Jul.14) and finally 9.3230 (200-day sma). On the other direction, the next up barrier is located at 9.5060 (20-day sma) ahead of 9.5914 (high Jun.24) and then 9.6163 (2016 high Feb.11).