FxWirePro: Danish Krone consolidates within ranges as economy shrinks in Q1
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 …
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).
