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Swedish Price Levels Rebound in February, EURSEK Finds Support

Swedish Price Levels Rebound in February, EURSEK Finds Support

Walker England, Kara Dailey,

Talking Points:

  • CPI rebounds in February, increasing by 0.4% when measured year-over-year
  • Public Employment Service reports a decline in unemployment equivalent to 19K people
  • EURSEK finds Support near 9.100, traders will look for a breakout to continue trend

Data released on Wednesday, via Statistics Sweden, indicates that Sweden’s price level rebounded in the month of February. Following the news release the Krona further strengthened against the Euro, with the pair trading as low as 9.0912. In addition to reporting an increase in CPI, Sweden’s unemployment level fell among those aged 16 to 64.

Up from -0.2%, inflation in February re-entered positive territory registering 0.1%. Provided this change, consumer prices increased by 0.7% from January to February, bringing the benchmark index up to 321.93. This movement translates to an increase of 0.4% when measured year-over-year. Key components accounting for the increase include: fuel prices (+6.4%), clothing (+5.8%), packaged holidays (+4.1%) and food (+0.7%). Slowing the index’s rise—lower interest rate costs (-2.1%).

The unemployment rate, as reported by the Public Employment Service, also improved in the second month of 2015. According to the agency, 19K fewer people were unemployed when compared to the same time span in 2014. In relative terms this places the unemployment rate at 8.1%, down from 2014’s 8.5%. Unemployment is recognized to be decreasing at a slower rate with those native born finding more jobs than those with a foreign origin.

The Public Employment Service publication serves as a forerunner to the official statistical release, set to be announced by Statistics Sweden on Thursday at 8:30 GMT.

EURSEK Daily Chart

Chart Created by Walker England Using MarketScope2.0

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