• FxWirePro: Danish krone hits 2-month peak as economy contracts less than expected

    Source: FxWire Pro - Technicals / 29 May 2020 05:15:28   America/New_York

    • The Danish Krone surged to a fresh 2-month peak as the greenback plunged to multi-week lows.
    • The dollar index slumped after Hong Kong’s government warned that withdrawing its special U.S. status, could be a double-edged sword and urged the United States to stop interfering in internal affairs.
    • Moreover, data showing U.S. jobless claims dropped for the eighth straight time last week further intensified the selling pressure around the greenback.  
    • The Danish currency was also supported by a report showing the economy contracted by 2.1 percent on quarter in the three months to March, compared to a forecast of 3.2 percent drop. 
    • USD/DKK is trading 0.3 percent down at 6.7064, having hit low of 6.7046 earlier, its lowest since March 31.
    • Immediate resistance is located at  6.7403, close above could take it till 6.7553. 
    • On the downside, support is seen at 6.6950, and any break below will take it till 6.6815. 
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