FxWirePro: Danish Krone hovers towards 4-week peak as consumer prices surge in June
Friday, July 10, 2020 10:45 AM UTC
- The Danish Krone nudged higher, hovering towards a 4-week peak hit in the prior session following the release of upbeat inflation figures.
- Denmark's consumer prices increased 0.3 percent year-on-year in June, after a flat reading in the previous two months, while harmonised consumer prices increased to 102.60 points in June from 102.50 points in May.
- Moreover, weakness in the dollar index supported the upside in the Danish currency.
- USD/DKK is trading 0.05 down at 6.5951, having hit low of 6.5511 on Thursday, its lowest since June 11.
- The pair rose as high as 6.6193 earlier in the session but found strong resistance at 21-EMA to turn lower.
- Immediate resistance is located at 6.6273 (21-EMA), close above could take it till 6.6418.
- On the downside, support is seen at 6.5680 and any break below will take it till 6.5368.