The greenback successfully propelled itself against the Swedish krona in the foreign exchange market. The 50-day moving average just recently surpassed the 200-day moving average, signaling a bullish run for traders of the USDSEK pair. The Swedish krona remains on its back foot in the market and has seen great losses yesterday against the US dollar. Measures from the Riksbank that were unveiled to further support the country’s economy failed to shield the Swedish krona against the strengthening US dollar. Some of the plans that were promised include offering more loans to local banks on lighter and more favorable terms. Riksbank also promised to increase its asset purchases. Earlier this week, the members of the monetary policy board of the Swedish central bank had an unscheduled meeting to discuss actions to take to counter the impact of the deadly virus such as reducing its overnight lending rate to local banks.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.