Not much has happened in the Danish Krona economic calendar. The release of good Denmark Consumer Price Index (CPI) YoY of 0.3% relative to 0.1% forecast and 0.0% previous month did not do Krona currency any good. Danish Krona was impacted negatively due to US Presidential election and the outcome thereof, like any other currencies in the market.
The interim results of US Presidential elect on Wednesday, 09 Nov 2016, saw USDDKK opening at monthly pivot point (6.75226) and moved positively to the low of a candle (6.58584). The move was then rejected by the market and witnessed the candle closing at 6.82142. This was underpinned by the market after digesting the unpredicted outcome of the Presidential elect.
The market opened just above MM2 and close weekly on MR1. The move was purely motivated by the fundamental of US election. The week prior, Danish Krona remained bullish against the Greenback
• I remain bullish on the USDDKK pair to the Dec 2015, highest level of resistance.
• The move is also motivated by Dec rate hike optimism