FxWirePro: Danish Krone extends gains as business confidence improves
The Danish Krone rose, extending previous session gains, following the release of better than expected business confidence figures. Denmark's manufacturing confidence indicator increased to -16 in June from -26 in the pr…
The Danish Krone rose, extending previous session gains, following the release of better than expected business confidence figures.
Denmark's manufacturing confidence indicator increased to -16 in June from -26 in the previous month, its strongest reading since March, due to an improvement in stock of orders, production expectations and stocks of finished goods.
Moreover, weakness in the dollar due to rising coronavirus cases in the United States further boosted the bid tone around the Danish currency.
USD/DKK is trading 0.4 percent down at 6.6161, having hit low of 6.5672 on Tuesday, its lowest since June 16.
On Friday, the pair broke above minor resistance 21-EMA but failed to sustain gains above it, retracing to close lower at 6.6428.
Immediate resistance is located at 6.6605, close above could take it till 6.6760.
On the downside, support is seen at 6.6015 and any break below will take it till 6.5797.
