The Pound Sterling (GBP) exchange rate experienced mixed trading against its Scandinavian peers on Thursday as volatility in the markets remains high and as attention focuses on the upcoming European Central Bank (ECB) policy meeting.
Pound Sterling to Danish Krone (GBP/DKK) Exchange Rate Firmer
The GBP/DKK exchange rate has been trading in a close range this week after the Danish Central Bank took the markets by surprise and cut interest rates further into negative territory on Monday. The move offered support to the Krone as it eased some of the pressure on the currency ahead of today’s ECB policy meeting.
The Danish bank took the pre-emptive action in an attempt to keep the Danish Krone and the nation’s exports competitive. Today, the GBP/DKK exchange rate was trading in a narrow range as domestic Danish data came in mixed and the Pound found support ahead of the ECB meeting.
Consumer confidence in Denmark improved in January, halting a two-month long declining trend, separately, retail sales were shown to have fallen in December. Sales dropped by 0.5% month on month to mark the first monthly fall in three months.
On an annual basis, retail sales advanced 2.3% in December, faster than previous month’s 1.0% rise. It was the fourth successive monthly increase.
The Pound Sterling to Danish Krone Exchange Rate is trading in the region of 9.7160
Pound Sterling to Norwegian Krone (GBP/NOK) Exchange Rate Stronger on Oil Prices
The GBP/NOK exchange rate strengthened on Thursday as oil prices continued to be under $50 per barrel and as the US National Futures Association (NFA) became the first financial supervisor to issue new guidelines about margins following last week’s turmoil created by the Swiss National Bank.
Minimum-security deposits would be 3% for the Norwegian Krone.
The Pound Sterling to Norwegian Krone Exchange Rate is trading in the region of 11.5420
Pound Sterling to Swedish Krona (GBP/SEK) Exchange Rate
Against the Swedish Krona the Pound weakened as data out of the Scandinavian nation showed that unemployment fell sharply and unexpectedly in December.
According to official data released by Statistics Sweden, the nation’s unemployment rate fell from November’s figure of 7.4% to 7%.
Economists had been forecasting for the jobless rate to remain unchanged at 7.4% last month.
The Pound Sterling to Swedish Krona Exchange Rate is trading in the region of 12.333