USD/SEK records more than 1% gains rising above the 20-day SMA around 11.025. The USD is getting traction amid risk-off flows. The Fed Beige Book report didn’t report any relevant insights on the US economic activity. Despite rising inflation, markets discount low odds of further hikes by Riksbank. On Wednesday, the USD/SEKrose above the 20-day Simple Moving Average for the first time since September 25, driven by a broad-based US Dollar strength.
3% but lower than the previous 7.5% reading. As for now, markets are expecting that the Riksbank won’t hike again in 2023 after September’s increase and analysts from Commerzbank Research stated that there is no upside for the SEK for the rest of the year as the Swedish bank is not acting decisively enough to combat inflation. USD/SEK Levels to watch Analysing the daily chart, USD/SEK exhibits signs of bulls recovering momentum.