Forex: EUR/SEK in highs on Swedish data

FXstreet.com (Barcelona) - The Swedish krona is rapidly losing ground against the single currency on Tuesday, after the unemployment rate in the Nordic economy up-ticked to 8.8% in March, missing expectations and up from February’s 8.5%.

According to Erica Blomgren, Strategist at SEB, “Weak unemployment data has triggered rate cut expectations. Market now sees a 40% chance for July cut (30% before)”.

EUR/SEK is now advancing 0.61% at 8.5841 with the next resistance at 8.5980 (high Apr.23) followed by 8.6400 (high Feb.7) and finally 8.6535 (high Feb.1).
On the flip side, a violation of 8.5118 (MA100d) would bring 8.5040 (MA200d) and then 8.4899 (high Feb.21).