FxWirePro: USD/DKK rallies to 1-week peak, struggles to sustain gains above 21-EMA
Thursday, September 3, 2020 10:01 AM UTC
- The Danish Krone slumped to a 1-week low as the dollar index surged against a basket of currencies.
- The greenback rose to a near 1-week peak after data released yesterday showed U.S. private employers hired fewer workers than expected for a second straight month in August, suggesting that the labor market recovery was slowing.
- Meanwhile, separate report showed factory orders rose more than expected in July, indicating continued improvement in the manufacturing sector.
- USD/DKK is trading 0.2 percent higher at 6.2883, having hit low of 6.1967 on Monday, its lowest since May 2018.
- The pair rose as high as 6.3117 earlier in the session but struggles to sustain gains above 21-EMA.
- Immediate resistance is located at 6.3272, close above could take it till 6.3442.
- On the downside, support is seen at 6.2620 (5-DMA) and any break below will take it till 6.2404.