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FxWirePro: Danish Krone extends gains as business confidence improves

  • The Danish Krone rose, extending previous session gains, following the release of better than expected business confidence figures.
     
  • Denmark's manufacturing confidence indicator increased to -16 in June from -26 in the previous month, its strongest reading since March, due to an improvement in stock of orders, production expectations and stocks of finished goods.
     
  • Moreover, weakness in the dollar due to rising coronavirus cases in the United States further boosted the bid tone around the Danish currency. 
     
  • USD/DKK is trading 0.4 percent down at 6.6161, having hit low of 6.5672 on Tuesday, its lowest since June 16.
     
  • On Friday, the pair broke above minor resistance 21-EMA but failed to sustain gains above it, retracing to close lower at 6.6428. 
     
  • Immediate resistance is located at  6.6605, close above could take it till 6.6760. 
     
  • On the downside, support is seen at 6.6015 and any break below will take it till 6.5797. 
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