FxWirePro: Danish Krone extends rebound on upbeat inflation data
The Danish Krone surged, extending previous session rebound following the release of upbeat inflation figures. Denmark's annual inflation rate came in at 0.5 percent in August, unchanged from the previous month, still th…
The Danish Krone surged, extending previous session rebound following the release of upbeat inflation figures.
Denmark's annual inflation rate came in at 0.5 percent in August, unchanged from the previous month, still the most since February, while annual harmonised inflation rate stood at 0.4 percent in August.
Moreover, weakness in the greenback against a basket of currencies further boosted the bid tone around the Danish currency.
USD/DKK is trading 0.3 percent lower at 6.2872, having hit high of 6.3311 the day before, its highest since August 21.
On Wednesday, the piar rose to a 3-1/2 week peak but retraced to close nearly 0.3 percent lower at 6.3035.
Immediate resistance is located at 6.3360, close above could take it till 6.3530.
On the downside, support is seen at 6.2727 and any break below will take it till 6.2533.
