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Forex: EUR/SEK flat after Swedish data

The Swedish krona had a bout of appreciation against the single currency on Friday, after the industrial production in the Scandinavian economy expanded 1.3% on a monthly basis from -1.3% previous, contracting 2.2% in a year to December vs. November’s -5.0%. New Orders in the manufacturing sector also contracted 2.8%, albeit bettering the prior -3.2%.

This late improvement in some key indicators in the Nordic economy would add pressure to the Riksbank, ahead of its monetary policy meeting next week, where consensus is quite divided regarding a rate cut.

As of writing, the cross is now losing 0.03% at 8.5908 with the next support at 8.5848 (hourly low Feb.7) ahead of 8.5590 (Lower Bollinger) and then 8.5260 (low Feb.5).
On the upside, a break above 8.6533 (high Feb.1) would lead to 8.7120 (Upper Bollinger) and then 8.7190 (high Jan.21).

Forex: EUR/JPY knocked out on issues for Japan PM Abe

Investors priced in strong expectations of an aggressive stance, both fiscal and monetary, in Japan as Shinzo Abe convinced the people to vote for him. As his plans were increasingly known, the JPY eased further, coming to a new EUR/JPY high after BoJ's Shirakawa early leave, at 127.70.
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European leaders moving closer to agreement on EU budget

European officials, gathered in Brussels to design a draft proposal of the long-term EU budget, finished the first day of negotiations in the small hours of the morning. The initial deal anticipates reducing the November budget proposal by 12 billion euros to 960 billion which will be allocated to agriculture subsidies, aid and scientific research over a seven year plan (2014-2020).
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