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USD/SEK declines as markets digest US Retail Sales and CPI figures

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USDSEK News

Currencies,Sweden

On Wednesday, the USD/SEK saw sharp losses as the potential for sooner interest rate cuts by the Fed, in light of the recent Consumer Price Index (CPI) disinflation and lackluster Retail Sales, may exert weight on the USD.

US CPI and Retail Sales came in lower than expected. The odds of a cut from the Fed in July slightly increase, and September continues being the best-case scenario. Fed officials might change their tone as economic figures showed softness. On Wednesday, the USD/SEK saw sharp losses as the potential for sooner interest rate cuts by the Fed, in light of the recent Consumer Price Index disinflation and lackluster Retail Sales, may exert weight on the USD.

Those odds slightly increase for the July meeting but remain low. USD/SEK technical analysis On the daily chart, the Relative Strength Index for the USD/SEK pair resides in negative territory. The latest reading, marking a downward trend, suggests that sellers are dominating. Moreover, the Moving Average Convergence Divergence is producing rising red bars, thus demonstrating negative momentum.

 

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