FxWirePro: Danish Krone extends losses as manufacturing PMI eases
Wednesday, July 1, 2020 9:50 AM UTC
- The Danish Krone nudged lower, extending previous session losses, following the release of downbeat manufacturing PMI.
- Data released earlier in the day showed the DILF Manufacturing PMI in Denmark declined to 52.2 in June from an upwardly revised 54.5 in the previous month.
- Moreover, investors continued to digest yesterdays downbeat data showing, the Danish economy contracted by 2.0 percent on quarter in the three months to March, while the unemployment rate increased to 5.6 percent in May from 5.4 percent in the previous month.
- USD/DKK is trading 0.1 percent up at 6.6403, having hit low of 6.5672 last week, its lowest since June 16.
- On Tuesday, the pair broke above 21-EMA but failed to sustain gains above it, retracing to close at 6.6339.
- Immediate resistance is located at 6.6605, close above could take it till 6.6760.
- On the downside, support is seen at 6.6088 and any break below will take it till 6.5899.