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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 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. 
  • Market Data
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