USD/SEK will continue to move higher

The pair will continue to move higher, sending the pair towards an uptrend channel middle resistance line. Sweden will be among the countries to publish their gross domestic product (GDP) growth today, February 28. Since January 2019, the country’s GDP continue to decline. This resulted to analysts forecasting Sweden’s fourth quarter result to continue declining. During the third quarter, the country had a 0.3% GDP growth, higher than the forecasted 0.2% and 0.2% result prior. However, investors are worried if Sweden can continue beating expectations. Including to the bearish sentiment for the fourth quarter was the slowdown in Germany, the EU’s economic powerhouse. Despite this, manufacturing and consumer confidence in the country remains high. Meanwhile, the US enjoys higher personal spending, further driving the consumption-driven economy. From 1960 to 2013, consumer spending as part of GDP rose from 62% to 71%.