EUR/SEK drops to 9.27 post-GDP data

The Swedish krona is gathering some traction vs. its European peer on Monday, taking EUR/SEK to the 9.2700 area.

EUR/SEK within range post-GDP

The cross paid little attention to GDP figures today, where the Nordic economy has expanded at an annualized pace of 4.2% and 0.5% QoQ during the first quarter, vs. initial estimates at 4.3% and 0.7%, respectively. Previous data have been revised to the upside to 4.9% YoY and 1.6% QoQ.

In the meantime, the cross keeps its rebound alive from recent lows in sub-9.23 levels, ahead of key releases in Sweden: manufacturing PMI (Wednesday), services PMI and Industrial Production figures (Friday).

EUR/SEK levels to consider

As of writing the cross is down 0.10% at 9.2698 and a break below 9.2352 (55-day sma) would open the door to 9.1991 (low Mar.17) and finally 9.1810 (low Mar.10). On the other hand, the next up barrier lines up at 9.3025 (20-day sma) ahead of 9.3147 (200-day sma) and then 9.3801 (high May 19).