- EUR / SEK sticks to the range theme at the 10.1500 area.
- The Bank of Sweden keeps the rate unchanged at 0.00% at its meeting.
- Sweden’s unemployment rate rose to 8.5%.
The Swedish crown alternates gains with losses vis-à-vis its European counterpart and drives further consolidation of the EUR / SEK, always around the area of 10.1600.
EUR / SEK ignores Bank of Sweden decision
EUR / SEK is now adding to the pessimism recorded at the beginning of the week and recording small losses following disappointing data and the firm hand of the Riksbank.
In fact, the unemployment rate in the Scandinavian economy unexpectedly rose to 8.5% in August (from 8.0%), while the Riksbank left its policy rate unchanged at 0.00% at its meeting on Tuesday.
The Nordic central bank’s “moderation” sees no change in its key rates until at least 2024, while the bank sees the current high inflation environment as temporary and largely driven by energy, food and supply shortages, in line with the broad-based vision of its G10 peers.
So far, the pair is shedding 0.07% at 10.1670 and a breakout of 10.1983 (55-day SMA) would expose 10.2338 (September 20 monthly high) and then 10.2696 (July 19 monthly high). On the other hand, the next support emerges at 10.1432 (200-day SMA) followed by 10.1248 (monthly low on September 6) and finally 10.0874 (monthly low on July 5).