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Euro Rises as Sweden Threatens to Join Currency Wars

Euro Rises as Sweden Threatens to Join Currency Wars

2013-05-08 08:51:00
Benjamin Spier, Technical Strategist
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The so-called currency wars progressed further in today’s session, as two new countries jumped on the bandwagon of selling or threatening to sell its own currency to unwind recent strength.

Overnight, RBNZ Governor Wheeler announced that the central bank had already once intervened in Forex markets to bring down the price of the New Zealand Dollar. During European trading hours, Swedish Finance Minister Borg said the Krona’s strength may become an issue for the country’s central bank.

The comments from Sweden brought the Euro above 1.3100 against the US Dollar for the first time today, on speculation that another one of the Euro-zone’s neighbors may take up the Swiss model of buying the Euro with its own currency. EUR/USD may continue to see support near 1.3100 from a rising trend line from March.

There was little significance to today’s economic releases. Swiss annual inflation was reported to have continued at -0.6% in April, a nine month low set in March. UK Halifax house prices increased 2.0% from April 2012. However, neither release had significant effect on Forex trading.

EU Commissioner Rehn spoke to the European parliament today and reported that the disbursement to Cyprus is expected within a few days. IMF Deputy Managing Director Lipton said that the IMF doesn’t expect a return to growth in Europe before the end of the year, but Euro traders were not concerned with these comments.

Later in the European session, Germany will report industrial production for March. Yesterday’s release of factory orders surprised markets with a 2.2% monthly rise, diverging from a negative manufacturing PMI for the same month.

EURUSD Daily: May 8, 2013

Euro_Rises_as_Sweden_Threatens_to_Join_Currency_Wars_body_eurusd_daily_chart.png, Euro Rises as Sweden Threatens to Join Currency Wars

Chart created by Benjamin Spier using Marketscope 2.0

--- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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