FxWirePro: USD/DKK slumps to over 2-year low, dip till 6.2365 likely
Friday, July 31, 2020 10:56 AM UTC
- The Danish Krone rallied to a over 2-year peak as the greenback slumped across the board.
- The dollar index declined as investors fretted that a rebound in the U.S. economy would be derailed by the struggle to stem the coronavirus epidemic.
- Investors continued to disgest Denmark's upbeat economic data released yesterday, showing the manufacturing confidence indicator increased to -7 in July from -16 in the previous month, its strongest reading since March, while the unemployment rate eased to 5.5 percent in June from 5.6 percent in the previous month.
- USD/DKK is trading 0.1 down at 6.2790, having hit low of 6.2509 earlier, its lowest since May 2018.
- Immediate resistance is located at 6.3000, close above could take it till 6.3328 (5-DMA).
- On the downside, support is seen at 6.2365 and any break below will take it till 6.2120.