The Pound Sterling to Danish Krone (GBP/DKK) exchange rate has advanced by around 0.33% on Thursday. British housing data has printed comparatively positively and prevented a significant Sterling decline. However, negative sentiment following Wednesday’s poor data is still weighing on the Pound. The Danish Krone, meanwhile, has depreciated as a result of a dramatic drop in business confidence.
The Pound Sterling to Danish Krone exchange rate is currently trending in the region of 9.4570.
Over the past week or so, Sterling has had to battle against mounting negativity regarding the Bank of England and their dovish outlook on monetary policy. On Wednesday, the Sterling downtrend was extended after British economic data printed disappointingly. Money Supply, Mortgage Approvals, Net Consumer Credit and Net Securities on Dwellings all declined from their previous figures.
As market sentiment has improved amid easing geopolitical tensions, lesser currencies have benefitted. A steadily softening US Dollar has also aided assets such as the Danish Krone. A lack of influential Danish data, however, has prevented any significant appreciation.
The Pound Sterling to Danish Krone exchange rate has fallen to a low today of 9.4140.
On Thursday, British data printed relatively positively. Monthly seasonally adjusted Nationwide House Prices eclipsed the median market forecast of a monthly rise of 0.3%, with the actual result reaching 0.5%. This wiped out the previous month’s decline of -0.1%. Year-on-year non-seasonally adjusted Nationwide House Prices were forecast to drop from 9.4% to 8.5%, but the actual result only fell to 9.0%. However, against most of the majors the data has had little impact.
Conversely, Danish data has been reasonably disappointing on Thursday. The nation’s Unemployment Rate was forecast to drop from 4.0% to 3.8%, but the actual result stayed unchanged at 4.0%. Business Confidence was expected to improve from -9 to -5.16, but the data showed further declination to -16.
Pound Sterling to Danish Krone Exchange Rate Forecast to Strengthen
Should trader anxieties regarding the slow pace of US economic growth come to fruition in the US Gross Domestic Product results on Thursday afternoon; investors will be looking elsewhere for investment. Both the Pound and the Danish Krone are likely to benefit from a softening US Dollar. However, should the US GDP eclipse expectations, the Danish Krone is much more likely to be negatively affected by a US Dollar upsurge.
With a complete absence of Danish data on Friday, it is unlikely that it will sustain any significant gains.
Friday’s British Consumer Confidence is very likely to impact Sterling movement.
The Pound Sterling to Danish Krone exchange rate has advanced to a high today of 9.4670.
Danish Krone (DKK) Exchange Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
Pound Sterling,
,Danish Krone,9.4631 ,
Euro,, Danish Krone,7.4444 ,
US Dollar,, Danish Krone,5.9123 ,
[/table]
