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FxWirePro: USD/DKK rallies to 1-week peak, struggles to sustain gains above 21-EMA

  • 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. 
  • Market Data
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