Yesterday’s trade saw USD/SEK within the range of 7.7795-7.8913. The pair closed at 7.8585, gaining 0.31% on a daily basis.
At 8:09 GMT today USD/SEK was down 0.44% for the day to trade at 7.8212. The pair touched a daily low at 7.8144 at 8:07 GMT.
Fundamentals
United States
Consumer Confidence by the CB
Confidence among consumers in the United States probably improved in December, with the corresponding index coming in at a reading of 94.0 from 88.7 in November. The latter has been the lowest level of confidence since June, when the index was reported at 86.4.
This indicator measures the level of individuals confidence in the US economic activity. It is considered as a leading indicator, as it gives an early insight into consumer spending, which accounts for most of the nations GDP. Confidence is measured on a scale of -100 to +100. A reading of -100 implies a lack of confidence, while a reading of 100 is indicative of extremely high confidence. Zero values imply neutrality. In case the index improved more than anticipated, this would provide support to the US dollar, as higher confidence suggests a greater willingness to spend and, respectively, an accelerated economic growth. The Conference Board research group is to publish the official index reading at 15:00 GMT.
Sweden
Balance of trade
The surplus on Swedens balance of trade probably was at the amount of SEK 1.1 billion in November, according to market expectations, following a trade deficit of SEK 0.2 billion in the prior month. Total exports rose at an annualized rate of 6% to SEK 103.1 billion in October, while the value of imports increased 10% to SEK 103.3 billion. In October 2013 the nations trade balance produced a SEK 3.3 billion surplus.
Nations major exports include machinery, motor vehicles, paper products, pulp and wood, iron and steel products, chemicals, while major imports are machinery, petroleum and petroleum products, chemicals, motor vehicles, iron and steel.
The trade balance, as an indicator, measures the difference in value between the country’s exported and imported goods and services during the reported period. It reflects the net export of goods and services, or one of the components to form the Gross Domestic Product. Generally speaking, exports reflect economic growth, while imports indicate domestic demand.
In case the trade balance surplus expanded more than anticipated, this would have a bullish effect on the krone. Statistics Sweden is expected to release the official trade data at 8:30 GMT.
Pivot Points
According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 7.8431. In case USD/SEK manages to breach the first resistance level at 7.9067, it will probably continue up to test 7.9549. In case the second key resistance is broken, the pair will probably attempt to advance to 8.0185.
If USD/SEK manages to breach the first key support at 7.7949, it will probably continue to slide and test 7.7313. With this second key support broken, the movement to the downside will probably continue to 7.6831.
The mid-Pivot levels for today are as follows: M1 – 7.7072, M2 – 7.7631, M3 – 7.8190, M4 – 7.8749, M5 – 7.9308, M6 – 7.9867.
In weekly terms, the central pivot point is at 7.8078. The three key resistance levels are as follows: R1 – 7.9106, R2 – 7.9648, R3 – 8.0676. The three key support levels are: S1 – 7.7536, S2 – 7.6508, S3 – 7.5966.
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