The USDSEK pair continues its downward momentum after data from Sweden for March (seasonally adjusted) unexpectedly showed a low unemployment rate of 8.1%, compared to the forecasted 8.7% and the previous 8.9%. Such a strong result, combined with the weak momentum of the U.S. dollar, has pushed the pair to levels not seen since April 2022. However, despite the strong data from Sweden, the declines in USD/SEK today are relatively small, with the Swedish Krona gaining around 0.06% against the dollar, indicating potentially limited selling pressure from current 'oversold' levels. The pair may wait for another volatility trigger.
Source: xStation5
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