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19 Feb 2013
Forex: EUR/SEK tanking after Swedish data
The Swedish krona is sharply appreciating against the shared currency on Tuesday, after the unemployment rate rose to 8.4% in January from 7.4%. Seasonally adjusted, the jobless rate remained at 8.0% vs. 8.2% expected, while the unemployment change increased by 58K, missing expectations.
Continuing with the data, the CPI contracted 0.8% on a monthly basis and came in flat over the last twelve months, vs. December prints at +0.3% and -0.1%, respectively.
At the moment, the pair is down 0.26% at 8.4494 facing the next support at 8.4255 (low Feb.15) ahead of 8.4160 (low Sep.27) and then 8.3107 (low Aug.31).
On the flip side, a breakout of 8.4780 (high Feb.18) would clear the way to 8.5300 (low Feb.5) and finally 8.5525 (MA14d).
Continuing with the data, the CPI contracted 0.8% on a monthly basis and came in flat over the last twelve months, vs. December prints at +0.3% and -0.1%, respectively.
At the moment, the pair is down 0.26% at 8.4494 facing the next support at 8.4255 (low Feb.15) ahead of 8.4160 (low Sep.27) and then 8.3107 (low Aug.31).
On the flip side, a breakout of 8.4780 (high Feb.18) would clear the way to 8.5300 (low Feb.5) and finally 8.5525 (MA14d).