EUR/SEK retreats from highs, near 9.3300

After climbing above the 9.3400 area, EUR/SEK has now returned to the 9.3300 neighbourhood albeit keeping its daily buoyancy.

EUR/SEK higher after mixed data

The Swedish krona is depreciating further today after mixed results from the Nordic economy for the month of June showed Manufacturing Confidence coming in below expectations at 104.8, while the unemployment rate has ticked higher to 7.6% vs. 7.2% estimated.

On the bright side, Consumer Confidence has surprised to the upside, up to 98.7 from 96.5 and 96.8 forecasted.

Furthermore, the NIER (National Institute of Economic Research) released its Swedish Economy Report, advocating for fiscal tightening in the next months after prospects point to a strengthening in the economy in 2016 and 2017 and a decline in the jobless rate to 6.3% in the next year.

EUR/SEK levels to consider

As of writing the cross is up 0.24% at 9.3317 and a break above 9.3801 (high May 19) would aim for 9.4310 (high Jun.20) and then 9.6163 (2016 high Feb.11). On the other hand, the next support lines up at 9.2983 (100-day sma) followed by 9.2681 (55-day sma) and finally 9.1995 (low Jun.6).