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Forex: EUR/SEK eyes 8.5600 after Riksbank minutes

By FXstreet.com,  January 08, 2013, 04:01:00 AM EDT

FXstreet.com (Barcelona) - The Swedish krona is now rapidly losing ground against the euro after the Riksbank minutes showed a dovish tone. In fact, 2 out of the 4 board members favoured a 50 bps cut in the last monetary policy meeting in December, instead of the 25 bps cut.

In the opinion of Erica Blomgren, FI Strategist at SEB, a 25 bps cut in the next February meeting is now more likely. Therefore, renewed SEK weakness is expected, as markets would start to reprice the chances of a further rate cut.

The cross is now up 0.35% at 8.5566 facing the next hurdle at 8.5954 (MA14d) followed by 8.6360 (MA30d) and then 8.6510 (high Dec.24).
On the downside, a breach of 8.5060 (low Jan.4) would accelerate the decline towards 8.5000 (low Nov.8) en route to 8.4910 (low Oct.2).




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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