FxWirePro: USD/DKK off 1-week peak, consolidates below 21-EMA
The Danish Krone rose after tumbling to an over 1-week low in the prior session as the dollar index eased against a basket of currencies. However, the Danish currency failed to extend gains, weighed down by worse-than-ex…
The Danish Krone rose after tumbling to an over 1-week low in the prior session as the dollar index eased against a basket of currencies.
However, the Danish currency failed to extend gains, weighed down by worse-than-expected indsutrial production figures.
Denmark's industrial production plunged 14.6 percent year-on-year in July, following a downwardly revised 1.7 percent drop in the previous month, reocrding its fifth straight month of decline. On a seasonally adjusted monthly basis, industrial production fell 5.7 percent in July, after an upwardly revised 4.7 rise in June.
The greenback declined from a near 1-week peak as last week's soft U.S. employment growth data raised doubts on the sustainability of the economy's recovery from the COVID-19 recession.
USD/DKK is trading 0.05 percent lower at 6.2850, having hit high of 6.3163 in the prior session, its highest since August 27.
On Friday, the pair rose an over 1-week peak but failed to sustain gains above 21-EMA.
Immediate resistance is located at 6.3177, close above could take it till 6.3344.
On the downside, support is seen at 6.2651 (5-DMA) and any break below will take it till 6.2513 / 6.2404.
