Forex: EUR/SEK keeps highs around 8.4800

FXstreet.com (Barcelona) - The Swedish krona keeps the soft tone vs. the single currency on Wednesday, gyrating around 8.4800 and printing session highs at the same time.

In the wake of the Riksbank meeting this morning, Strategist Jacqui Douglas at TD Securities, assessed “we think that compared to the Riksbank’s repo rate forecasts, the odds lie toward a rate hike coming a little sooner than what is anticipated. With the Riksbank reluctant to actually cut rates right now, the next best thing that it can do without inflaming
household debt is to publish lower repo rate projections, helping to keep a lid on SEK and keep market rates lower”.

The cross is now advancing 1.08% at 8.4765 with the next resistance at 8.4899 (high Feb.21) followed by 8.5050 (MA200d) and then 8.5157 (MA100d).
On the downside, a breach of 8.3780 (MA10d) would bring 8.2970 (low Apr.12) and then 8.2840 (low Mar.27).