The USD/SEK tallied a fresh multi-month high around 11.2000 as the SEK lost interest following soft inflation figures from Sweden from August. On the
Sweden’s August CPI came in lower than expected.The USD/SEK tallied a fresh multi-month high around 11.2000 as the SEK lost interest following soft inflation figures from Sweden from August. On the other hand, the Greenback continues to trade strong, with its DXY advancing to highs since March 9 after positive mid-tier economic figures were released.
On the Swedish front, headline Consumer Price Index inflation in August was registered at 7.5% YoY, slightly below the expected 7.7%. In addition, the Consumer Price Index with a Fixed Interest Rate ex-energy came in at 7.2% YoY vs. 7.4% and lower than the previous 8.0% reading.
On the other hand, the US economy doesn’t cool down and continues to report strong data. The Producer Price Index surged by 0.7% MoM, leading to a 1.6% YoY increase, surpassing predictions. Retail Sales also demonstrated strength, posting a 0.6% MoM growth, well above the expected 0.2% rise. Meanwhile, during the second week of September, Jobless Claims increased to 220,000, slightly exceeding the previous week's 217,000 but staying below the anticipated 225,000.
are about to reach overbought conditions, which could fuel a downward correction in the near term. Furthermore, the pair is above the 20,100,200-day Simple Moving Average , highlighting the continued dominance of bulls on the broader scale.
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