FxWirePro: USD/DKK near 1-week peak, jump till 6.3670 likely
Monday, August 10, 2020 10:58 AM UTC
- The Danish Krone declined to a near 1-week trough as the greenback surged across the board.
- The dollar index gained after President Trump signed a series of executive orders to extend unemployment benefits.
- Investors appear to have ignored Denmark's upbeat economic data, showing annual inflation rate increased to 0.5 percent in July, the most since February, from 0.3 percent in the previous month.
- Separate report showed, trade surplus increased to DKK 7.9 billion in June from DKK 6.7 billion in the same month a year earlier, its largest trade surplus since March.
- USD/DKK is trading 0.3 percent higher at 6.3391, having hit high of 6.3394 earlier, its highest since August 4.
- Immediate resistance is located at 6.3670, close above could take it till 6.3890.
- On the downside, support is seen at 6.3029 (5-DMA) and any break below will take it till 6.2802.