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29 May 2013
EUR/SEK accelerates the decline on better GDP
FXstreet.com (Barcelona) - The Swedish krona is sharply appreciating on Wednesday after the GDP figures for the first quarter surprised investors.
The Nordic economy expanded 0.6% inter-quarter and 1.7% on an annualized basis, exceeding expectations at 0.5% and 1.6%, respectively. The figures now confront rumours about the likeliness of another rate cut by the Riksbank in July, based on the recent weak releases.
At the moment, the cross is losing 0.60% at 8.5914 and a breach of 8.5340 (MA200d) would bring 8.5305 (low May 22) and finally 8.4975 (MA100d). On the other hand, resistance levels align at 8.6330 (high May 24) followed by 8.6555 (high May 14) and then 8.7190 (2013 high Jan.21).
The Nordic economy expanded 0.6% inter-quarter and 1.7% on an annualized basis, exceeding expectations at 0.5% and 1.6%, respectively. The figures now confront rumours about the likeliness of another rate cut by the Riksbank in July, based on the recent weak releases.
At the moment, the cross is losing 0.60% at 8.5914 and a breach of 8.5340 (MA200d) would bring 8.5305 (low May 22) and finally 8.4975 (MA100d). On the other hand, resistance levels align at 8.6330 (high May 24) followed by 8.6555 (high May 14) and then 8.7190 (2013 high Jan.21).