FxWirePro: Danish Krone consolidates within ranges as economy shrinks in Q1
Friday, May 15, 2020 9:58 AM UTC
- The Danish Krone consolidated within narrow ranges following soft gross domestic product data.
- Denmark’s gross domestic product shrank 1.9 percent on quarter in the three months to March, following a 0.6 percent advance in the previous period, its first contraction in GDP since the third quarter 2017.
- Moreover, a rally in the greenback dented the bid tone around the Danish currency.
- USD/DKK is trading flat at 6.8964, having hit low of 6.8423 on Wednesday, its lowest since May 5.
- Immediate resistance is located at 6.9209, close above could take it till 6.9316.
- On the downside, support is seen at 6.8870, and any break below will take it till 6.8769 (10-DMA).