The USD/SEK currency pair edged higher on Tuesday, but hovered just above a 6-week low of 10.2475, as market players looked ahead of key US and Swedish macro data prints due to be released later in the week.
The second estimate of US GDP growth for Q4 is slated to be released tomorrow.
The US economy grew at an annualized rate of 3.3% in the fourth quarter of 2023, a preliminary estimate showed, which far outpaced market consensus.
Additionally, the Federal Reserve’s preferred measure of inflation, the personal consumption expenditures price index data for January will be released on Thursday.
The Core PCE Price Index probably rose 2.8% YoY in January, according to market estimates, after a 2.9% surge in December.
On a month-over-month basis, the Core PCE Price Index is expected to have risen 0.4% in January.
Investor expectations of a Fed rate cut have recently been pushed back from May to June, CME’s FedWatch Tool showed.
Meanwhile, SEK traders will also pay attention to Sweden’s trade figures for January and consumer confidence data for February, due out on Wednesday.
Currency Pair Performance
As of 12:31 GMT on Tuesday the USD/SEK currency pair was edging up 0.14% to trade at 10.2861.
Last week, the exotic Forex pair went down as low as 10.2475. The latter has been the pair’s weakest level since January 12th (10.2260).
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