FxWirePro: USD/DKK consolidates above 21-EMA, investors eye Fed Powell's speech
Wednesday, May 13, 2020 8:57 AM UTC
- The Danish Krone consolidated within narrow ranges ahead of Federal Reserve Chairman Jerome Powell’s speech on economic issues.
- On Tuesday, U.S. President Donald Trump again pushed the Federal Reserve to adopt negative interest rates.
- Investors await further clues on monetary policy amid rising speculation the United States could adopt negative interest rates.
- USD/DKK is trading flat at 6.8761, having hit high of 6.9291 on Thursday, its highest since Apr. 24.
- The pair broke below minor support 21-EMA in the prior session but retraced to close at 6.8733.
- Immediate resistance is located at 6.9061, close above could take it till 6.9206.
- On the downside, support is seen at 6.8588, and any break below will take it till 6.8392 (55-EMA).