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USD/SEK: Short Review & Forecast


Published on: 07/04/2017



The rates of the USD/SEK are in the frames of an upward trend. The dollar also has continued to strengthen against the Krone this week. It should be noted that there is an unusually high volatility for this currency pair. The dollar was positively impacted by strong statistics from the USA this week. Employment in the agricultural sector increased to 263,000 against the forecasted 187,000. The number of applications for unemployment allowance dropped significantly to 234,000. It's been predicted  that there will be reductions in the number of applications from 258,000 to 250,000. In addition, we received information about the reduction of the trade deficit: from -44.8 up to -43.6.  Moreover, Federal Reserve representatives said that the current situation in the US economy not only allows for an increase in the interest rate, but requires it in the near future.


As for Sweden, the market has not received new information that could affect the value of the Swedish Krona. At the moment there is only data for February. The most significant of there reports is the increased volume of orders in industry by 12% and the growth of industrial production at 4.1% in February, year-on-year. The trade balance has been fixed at almost zero value, and in the period from December 2016 until February 2017 amounted to -0.6 billion SEK.

USD/SEK, daily
At this moment the most optimal move would be deals on the trend which in the medium term can generate some profit. We can expect achieving the level 9.05. The MACD Oscillator also shows a potential for growth. Though the probability of a price correction remains high, opening short deals seems less promising at the moment.

 


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