FxWirePro: USD/DKK hits 2-year trough, faces support at 6.2004
The Danish Krone surged to an over 2-year peak as the dollar weakened against a basket of currencues. Investors seem to have ignored Denmark's soft economic data, which showed manufacturing PMI decreased to 52.30 points …
The Danish Krone surged to an over 2-year peak as the dollar weakened against a basket of currencues.
Investors seem to have ignored Denmark's soft economic data, which showed manufacturing PMI decreased to 52.30 points in August from 56.90 points in July, although it remained above the 50-point mark that separates growth from contraction.
The dollar index plunged to an over 2-year low as the Federal Reserve’s new policy framework continued to fuel bets that U.S. rates will stay lower for longer than other countries.
USD/DKK is trading 0.4 percent down at 6.2128, having hit low of 6.2036 earlier, its lowest since May 2018.
Immediate resistance is located at 6.2573, close above could take it till 6.2720 (7-EMA).
On the downside, support is seen at 6.2004 and any break below will take it till 6.1906.
