FxWirePro: USD/DKK retreats from over 1-month peak, struggles to sustain gains above 21-EMA
Friday, September 18, 2020 8:57 AM UTC
- The Danish Krone nudged higher, retreating from an over 1-month low hit in the prior session as the greenback eased against a basket of currencies.
- The dollar slumped as a batch of weak U.S. data and overall uncertainty about the economic outlook, backed the Federal Reserve’s concern about the pace of recovery.
- The number of Americans filing new claims for unemployment benefits fell less than expected last week, suggesting the labour market recovery losing steam amid fading fiscal stimulus.
- USD/DKK is trading 0.1 percent lower at 6.2746, having hit high of 6.3380 the day before, its highest since August 12.
- On Thursday, the pair surged to an over 1-month peak, but retraced to close nearly 0.3 percent down at 6.2794 below 21-EMA.
- Immediate resistance is located at 6.2996, close above could take it till 6.3160.
- On the downside, support is seen at 6.2580 and any break below will take it till 6.2404.