FxWirePro: USD/DKK extends losses for the seventh straight session, dip till 6.6504 likely
Tuesday, June 2, 2020 9:59 AM UTC
- The Danish Krone advanced to a fresh 2-1/2 month peak on the back of better-than-expected manufacturing data.
- Denmark's DILF Manufacturing PMI rose to 54 in May from a downwardly revised 37.2 in the previous month, pointing to the first expansion in factory activity since January.
- The Danish currency was also supported by a weaker dollar as it plunged to multi-month lows on concerns over U.S.-China tensions and the worst civil unrest in the United States in decades.
- USD/DKK is trading 0.5 percent down at 6.6638, having hit low of 6.6621 earlier, its lowest since March 16.
- Immediate resistance is located at 6.7149, close above could take it till 6.7309.
- On the downside, support is seen at 6.6504, and any break below will take it till 6.6426.