EUR/SEK climbs to fresh highs post-data

The Swedish krona is sharply lower vs. its European peer on Wednesday, lifting EUR/SEK to fresh tops in the vicinity of 9.5000.

EUR/SEK higher as data disappoint

The cross met further upside pressure after Industrial Production in the Nordic economy ha contracted 0.4% inter-month in June and 1.4% over the last twelve months. Further results saw New Orders contracting at an annualized 1.6% during the same period, all prints missing consensus.

Choppy week for SEK so far, with the cross following the broader risk appetite trends although it seems to be consolidating around current levels after highs just above the 9.60 handle posted earlier in the month.

EUR/SEK levels to consider

As of writing the cross is up 0.08% at 9.4925 and a breakout of 9.6056 (high Aug.2) would target 9.6163 (2016 high Feb.11) and then 9.6325 (high Aug.10 2015). On the flip side, the next support aligns at 9.4331 (low Aug.9) followed by 9.4035 (low Jul.14) and finally 9.3230 (200-day sma).