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FxWirePro: Danish Krone hovers towards 1-week peak on upbeat industrial production

  • 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. 
  • Market Data
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