FxWirePro: Danish Krone hits 2-month peak as economy contracts less than expected
Friday, May 29, 2020 9:00 AM UTC
- The Danish Krone surged to a fresh 2-month peak as the greenback plunged to multi-week lows.
- The dollar index slumped after Hong Kong’s government warned that withdrawing its special U.S. status, could be a double-edged sword and urged the United States to stop interfering in internal affairs.
- Moreover, data showing U.S. jobless claims dropped for the eighth straight time last week further intensified the selling pressure around the greenback.
- The Danish currency was also supported by a report showing the economy contracted by 2.1 percent on quarter in the three months to March, compared to a forecast of 3.2 percent drop.
- USD/DKK is trading 0.3 percent down at 6.7064, having hit low of 6.7046 earlier, its lowest since March 31.
- Immediate resistance is located at 6.7403, close above could take it till 6.7553.
- On the downside, support is seen at 6.6950, and any break below will take it till 6.6815.