FxWirePro: Danish Krone retreats from 2-month peak as business confidence deteriorates
Thursday, May 28, 2020 8:57 AM UTC
- The Danish Krone retreated from a 2-month peak as the greenback rebounded from multi-week lows.
- The dollar index steadied after Assistant Secretary of State for East Asia, David Stilwell, stated that U.S. President Donald Trump has a long list of possible responses to China's plans to impose a national security law on Hong Kong, including visa and economic sanctions.
- The selling pressure around the Danish currency intensified after data showed Denmark's manufacturing confidence indicator fell to -26 in May from -22 in the previous month, its weakest reading since April 2009.
- USD/DKK is trading 0.1 percent up at 6.7795, having hit low of 6.7565 earlier, its lowest since March 31.
- Immediate resistance is located at 6.8047, close above could take it till 6.8132 (7-EMA).
- On the downside, support is seen at 6.7487, and any break below will take it till 6.7403.