The Danish Krone surged halting a 2-day losing streak as investors digested yesterday's better-than-expected retail sales. Denmark's retail sales rallied by 5.3 percent year-on-year in May, following an upwardly revised …
The Danish Krone surged halting a 2-day losing streak as investors digested yesterday's better-than-expected retail sales.
Denmark's retail sales rallied by 5.3 percent year-on-year in May, following an upwardly revised 2.7 percent fall in the previous month, its first increase in 3 months and the biggest since April of 2011.
Moreover, minor weakness in the greenback due to rising coronavirus cases in the United States further supported the Danish currency.
USD/DKK is trading 0.05 percent down at 6.6427, having hit low of 6.5672 on Tuesday, its lowest since June 16.
On Thursday, the pair broke above 21-EMA but failed to sustain gains above it, retracing to close at 6.6456.
Immediate resistance is located at 6.6655, close above could take it till 6.6760.
On the downside, support is seen at 6.6201 and any break below will take it till 6.6015.
