Mild uptrend in EUR/SEK seems to remain in place - Nordea

A very mild uptrend in EUR/SEK seems to remain in place, though price-action is far from convincing, according to Nordea market strategists. 

The currency pair has risen from 10.4155 to 10.53930 in the 2.5-weeks to Jan. 13 and has traded in a sideways manner ever since. At press time, the pair is seen at 10.5630. 

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The positive turn-around in the Swedish housing market also suggests that any near-term weakness in retail sales is a temporary phenomenon.

House price inflation reaching 10% yoy this year can’t be ruled out. This would be good news for demand growth.