FxWirePro: USD/DKK near 2-week trough, dip till 6.2204 likely
The Danish Krone surged to a near 2-week peak following the release of better-than-expected economic data. Denmark's unemployment rate declined to 5.2 percent in July from a downwardly revised 5.4 percent in the previous…
The Danish Krone surged to a near 2-week peak following the release of better-than-expected economic data.
Denmark's unemployment rate declined to 5.2 percent in July from a downwardly revised 5.4 percent in the previous month, its lowest jobless rate since March.
Preliminary data showed the Danish economy shrank by 6.9 percent on quarter in the three months to June, compared to 2 percent contraction in the previous period, but better than forcast of 7.4 percent contraction.
The dollar index steadied after tumbling to an over 2-year low earlier in the session on the U.S. Federal Reserve’s new policy framework that suggested interest rates would remain low for some time.
USD/DKK is trading 0.05 percent down at 6.2487, having hit high of 6.3272 on Thursday, its highest since August 21.
Immediate resistance is located at 6.2840 (7-EMA), close above could take it till 6.2987 (21-DMA).
On the downside, support is seen at 6.2204 and any break below will take it till 6.20646.
