FxWirePro: Danish Krone hovers towards 1-week peak on upbeat industrial production
Friday, November 6, 2020 8:25 AM UTC
- The Danish Krone nudged higher, hovering towards a 1-week peak hit in the prior session following the release of upbeat economic data.
- Denmark's industrial production dropped 1.4 percent year-on-year in September, following an upwardly revised 8.1 percent fall in the previous month. On a seasonally adjusted monthly basis, industrial production rose 2.3 percent in September, after a downwardly revised 4.9 percent growth in August.
- Moreover, weakness in the greenback against a basket of currencies further supported the Danish currency.
- The dollar stayed sluggish on hopes that a divided U.S. legislature would hinder large government borrowing, which could pave the way for even more central bank stimulus.
- USD/DKK is trading 0.05 percent lower at 6.2910, having hit low of 6.2785 on Thursday, its lowest since October 26.
- Immediate resistance is located at 6.3276 (21-DMA), close above could take it till 6.3387 (10-DMA).
- On the downside, support is seen at 6.2732 and any break below will take it till 6.2638.