Swedish Krona value, information and evaluation:EUR/SEK superior Thursday on Krona weak point, regardless of a call by the Riksba
Swedish Krona value, information and evaluation:
- EUR/SEK superior Thursday on Krona weak point, regardless of a call by the Riksbank to finish 5 years of adverse Swedish rates of interest with a rise to zero.
- That means the short-term uptrend within the pair – albeit inside a long-term downtrend – may proceed.
EUR/SEK value could rally additional near-term
Sweden’s Riksbank increased the country’s key interest rate to zero from -0.25% Thursday, turning into the primary central financial institution to finish adverse rates of interest. Whereas the choice was consistent with forecasts, it was nonetheless notable that the Swedish Krona weakened on the information, resulting in an extension of the latest bounce in EUR/SEK.
EUR/SEK Value Chart, 30-Minute Timeframe (December 16-19, 2019)
Chart by IG (You’ll be able to click on on it for a bigger picture)
That bounce may now lengthen to trendline resistance, at the moment round 10.51, and even increased now the speed rise is out of the best way and the Riksbank has made clear it expects no additional will increase over the subsequent couple of years. Word, although, that the long-term downtrend in EUR/SEK that started greater than two months in the past stays firmly in place.
EUR/SEK Value Chart, Each day Timeframe (September 23-December 19, 2019)
Chart by IG (You’ll be able to click on on it for a bigger picture)
Certainly, it will take a transfer above trendline resistance at the moment round 10.62 for the…