EUR/SEK retreats from highs, around 10.08 post-data

• Swedish GDP figures came in below consensus in Q4.
• Retail Sales also missed initial estimates in January.
• The cross stays in 8-year peaks above 10.00

The offered bias around the Swedish Krona remains unabated so far today and is collaborating with the up move in EUR/SEK to recent multi-year tops in the boundaries of 10.1 (Tuesday).

EUR/SEK higher on weak data

SEK gathered extra downside pressure on Wednesday after GDP figures showed the economy expanded less than expected 0.9% QoQ in the October-December period and 3.3% on an annualized basis.

Additionally, Retail Sales in the Scandinavian economy expanded 0.1% inter-month in January and 1.2% over the last twelve months, while Producer Prices advanced 0.8% MoM in January and 2.5% YoY.

In the meantime, the cross has retreated from yesterday’s fresh 8-year peaks in levels just shy of 10.1000 although the bullish bias remains unchanged for the time being. It is worth recalling that SEK keeps the bearish perspective amidst a dovish Riksbank, lack of upside traction in inflation and concerns over house prices.

EUR/SEK levels to consider

As of writing the cross is up 0.22% at 10.0833 facing the next up barrier at 10.0952 (2018 high Feb.27) seconded by 10.2606 (monthly high Feb.2010) and finally 10.2980 (monthly high Jan.2010). On the other hand, a breach of 9.9912 (10-day sma) would expose 9.9626 (low Feb.22) and then 9.9320 (21-day sma).