FxWirePro: Danish Krone gains on better-than-expected industrial production data
The Danish Krone surged, reversing some of its previous session losses, following better-than-expected industrial production data. Denmark's industrial production fell 7.7 percent year-on-year in August, following a 14.6…
The Danish Krone surged, reversing some of its previous session losses, following better-than-expected industrial production data.
Denmark's industrial production fell 7.7 percent year-on-year in August, following a 14.6 percent slump in the previous month, and compared to a forecast for an 11 percent drop. On a seasonally adjusted monthly basis, industrial production jumped 5.7 percent in August, after an upwardly revised 5.9 drop in July.
Moreover, weakness in the greenback against a basket of currencies further boosted the bid tone around the Danish currency.
The dollar index slumped after U.S. President Donald Trump abruptly cancelled talks on economic stimulus with Democrat lawmakers until after the November 3 presidential election,
USD/DKK is trading at 6.3320, having hit low of 6.3015 on Tuesday, its lowest since September 21.
Immediate resistance is located at 6.3584 (10-DMA), close above could take it till 6.3632 (55-EMA).
On the downside, support is seen at 6.3130 and any break below will take it till 6.3015.
