Not sure why, but traders see very steady demand for Swedish Krona from real money accounts today. Perhaps there is a sexy Swedish IPO or something I am unaware of…
The dollar buying versus SEK is helping lift EUR/USD off its intraday lows as often Skandi and Eastern European liquidity is better in the EUR cross rate than in the dollar pairs. EUR trades quietly in the 1.2285 area.
EUR/USD is holding onto support in the 1.2250/60 area; below that level more longs are expected to bail.
