The USD/SEK pair commences the week with mild gains around 10.80. Ahead of the Riksbank decision on Wednesday weak Swedish data pressures down the SEK. Markets adjusted their bets on the Fed after the soft NFP report from the US on Friday. Despite the optimism from the Federal Reserve's projected robust Q2 growth, there are concerns that softer data might impact the USD negatively which may trigger another adjustment of the market's bets on the easing cycle.
The Greenback’s dynamicwill be set by the incoming data as Jerome Powell stated that the bank remains data dependent. With no highlights this week, the pair pace will likely be set by the Riksbank’s tone and the market's response to it. USD/SEK technical analysis On the daily chart, the Relative Strength Index of the USD/SEK pair reveals a transition towards a negative trend falling towards 50.