FxWirePro: Danish Krone rallies to 2-1/2 week peak on better than expected trade data
Monday, November 9, 2020 8:42 AM UTC
- The Danish Krone surged to a 2-1/2 week peak following the release of upbeat economic data and broad-based U.S. dollar weakness.
- Denmark's trade surplus increased to DKK 8.9 billion in September from DKK 8.0 billion in the same month a year earlier, its largest trade surplus since November last year.
- Separate data showed Denmark's current account surplus rose to DKK 19.1 billion in September from DKK 9.9 billion in the previous month.
- The dollar hit a 10-week low as a potentially divided U.S. government with Republicans in control of the Senate may mean a smaller fiscal stimulus package.
- USD/DKK is trading 0.05 percent lower at 6.2754, having hit low of 6.2644 earlier, its lowest since October 21.
- Immediate resistance is located at 6.3105, close above could take it till 6.3242 (7-DMA).
- On the downside, support is seen at 6.2584 and any break below will take it till 6.2404.