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Forex Flash: EUR/SEK upside capped at 8.6060 – Danske Bank

By FXstreet.com,  January 08, 2013, 05:52:00 AM EDT

FXstreet.com (Barcelona) - The dovish tone out of the last Riksbank minutes has triggered a sharp depreciation of the krona against the euro, actually trading near the key resistance at 8.5800 and climbing more than five big figures since today's open.

"The Riksbank minutes from the December meeting on the whole raises the possibility of a February rate cut… We maintain our call for a rate cut to come no earlier than April however: recent data point slightly upward and it seems the bank will continue to move slowly. Given the latest move lower in EUR/SEK the risk of further correction higher exists but upside should be capped around 8.6060", explains analyst C.Tuxen at Danske Bank.




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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