USD/SEK to correct lower towards support at the 200-DMA just below 10.70 – MUFG

Market news

7 November 2023

USD/SEK to correct lower towards support at the 200-DMA just below 10.70 – MUFG

The SEK has been one of the hardest hit G10 currencies since the USD started to rebound in mid-July. Economists at MUFG Bank analyze Krona’s outlook.

SEK to rebound after heavy sell-off over summer

After failing to break above the 11.20 level in recent months, we expect the USD/SEK pair to correct lower towards support at the 200-DMA at just below 10.70.

With the USD in the process of peaking out alongside US yields, conditions are falling into place for at least a relief rally for the SEK.

The SEK is deriving support as well from the Riksbank’s FX reserve hedging program.

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