The Pound Sterling to Danish Krone (GBP/DKK) exchange rate fell to a low of 9.4690 during the European session as investors responded to some positive reports for Denmark.
Retail Sales Climb, GBP/DKK Exchange Rate Softens
The Pound Sterling to Danish Krone (GBP/DKK) exchange rate slid by 0.3% during the European session as Danish data surprised to the upside.
Firstly, retail sales were shown to have surged by 0.8% on the month in November, following a revised increase of 0.8% in October. A sales gain of 0.2% had been expected.
On the year sales were up 0.8% last month, down from October’s revised figure of 3.0%.
According to RTT News; ‘Sales of clothing and related goods climbed 2.8 percent annually in November and that of consumer goods rose 1.0 percent.’
On a yearly basis, retail sales increased 0.8 percent in November, much slower than 3.0 percent growth in October. It was the fifth consecutive month of increase in a row.
In the three-month period to November, total retail sales grew 1.5 percent annually.
Meanwhile, Danish Consumer Confidence fell from 6.3 in November to 6 in December. This decline flew in the face of forecasts for an improvement to 6.4 and limited the Danish Krone’s gains.
As also highlighted by RTT News; ‘Expectations regarding family’s financial situation for the next 12 months dropped further in December and the corresponding index fell to 12.8 from 13.1. Households’ view on the outlook for the country’s economy also eased to 13.1 from 14.1 in the prior month. At the same time, households’ assessment of their current economic situation was better than from a year ago, with the index rising to 5.9 from 2.9.’
Pound Sterling to Danish Krone (GBP/DKK) Exchange Rate Forecast
Tomorrow additional Pound Sterling to Danish Krone (GBP/DKK) exchange rate movement could be caused by Denmark’s final third quarter growth data.
Quarter-on-quarter expansion of 0.5% is expected to follow the 0.1% growth recorded in the second quarter.
The Danish economy is believed to have expanded by 0.9% on the year in the three months through September.
Of course, UK data will also have an impact on the Pound Sterling to Danish Krone exchange rate.
The reports investors will be most interested in include the BBA Loans for House Purchase figures and third quarter growth data. The UK’s current account figures will also be worth noting.
The Pound Sterling to Danish Krone exchange rate was trending in the region of 9.4680
The Danish Krone to Pound Sterling exchange rate was trending in the region of 0.1053