FxWirePro: Danish Krone extends gains as business confidence improves
Monday, June 29, 2020 9:56 AM UTC
- 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.