FxWirePro: USD/DKK hovers towards multi-year lows, struggles to break above 6.2900
The Danish Krone rose after tumbling nearly 0.8 percent in the prior session as the dollar eased against a basket of currencies. The dollar index nuged lower as the Fed warned the economic downturn triggered by the COVID…
The Danish Krone rose after tumbling nearly 0.8 percent in the prior session as the dollar eased against a basket of currencies.
The dollar index nuged lower as the Fed warned the economic downturn triggered by the COVID-19 pandemic faces a highly uncertain path and reiterated the need for additional fiscal stimulus.
Moreover, a fall in the U.S. Treasury yields further weakened the bid tone around the dollar.
USD/DKK is trading 0.2 percent down at 6.2761, having hit low of 6.2228 on Tuesday, its lowest since May 2018.
On Wednesday, the pair rose as high as 6.2939 but found strong resistance at 10-DMA to close at 6.2900.
Immediate resistance is located at 6.3118, close above could take it till 6.3207.
On the downside, support is seen at 6.2521 and any break below will take it till 6.2404.
