EUR/SEK gains limited near 9.7200

After climbing as high as the boundaries of 9.7200 the figure, EUR/SEK has now receded some ground and trades near 9.7100.

EUR/SEK weaker after data

SEK gained extra traction at the beginning of the week despite April’s trade deficit came in at SEK 2.6 billion from March’s SEK 0.30 billion surplus. Further data saw Household Lending Growth expanding at an annualized 7.1% in April, a tad lower than the previous 7.3%.

In the meantime, the cross is retreating for the second consecutive session so far, looking to stabilize in the lower bound of the range following the rejection of 2017 tops around 9.8000 the figure recorded last week (Monday).

Quite an interesting docket in Sweden lies ahead in the week, with GDP figures and retail sales expected tomorrow, manufacturing PMI on Thursday and Q1’s Current Account on Friday.

EUR/SEK levels to consider

As of writing the cross is losing 0.04% at 9.7189 facing the next support at 9.6960 (low May 26) seconded by 9.6255 (200-day sma) and then 9.6208 (low May 11). On the other hand, a break above 9.7503 (high May 24) would open the door to 9.7833 (high May 16) and finally 9.8018 (2017 high May 22).