The Euro to Danish Krone (EUR/DKK) exchange rate edged lower during Thursday’s European session.
As traders await news regarding Greece’s ability to repay the International Monetary Fund (IMF), the shared currency is generally holding steady versus many of its major peers. A slight appreciation can be attributed to a positive result from German trade data.
The Danish Krone, meanwhile, strengthened versus many of its major peers in response to positive domestic data. Both trade and current account data improved upon previous figures.
The Euro to Danish Krone (EUR/DKK) exchange rate is currently trending in the region of 7.4716.
Euro (EUR) Exchange Rate Edges Higher ahead of Greek IMF Repayment
Given that Greek Finance Minister Yanis Varoufakis has claimed that Greece will meet with its obligation of repaying the IMF on time, there is still doubt amongst traders. With little known as to the extent of the ramifications should Greece default of their debt repayment, there is a certain amount of trader reluctance to invest heavily in the single currency.
However, positive data out of Germany has spurred a fractional advance, albeit sluggish. German Trade Balance was forecast to see the surplus improve from 15.9 billion to 19.0 billion, but the actual result saw the surplus widen further to 19.2 billion.
The Euro to Danish Krone (EUR/DKK) exchange rate dropped to a low of 7.4707 today.
Danish Krone (DKK) Strengthens on Positive Data
February’s Danish Trade Surplus was forecast to improve slightly from 4.1 billion to 4.3 billion, but the actual result showed that the surplus had widened to 5.5 billion. Additionally, the Danske Bank Current Account advanced from 9.3 billion to 9.9 billion in February, although it failed to meet with the median market forecast of an improvement to 15.5 billion.
Further Krone gains can be linked to positive sentiment towards Danske Bank, who recently hired a market data manager for the bank’s buy-side business. Dorthe Jul Vindal used to do a similar job with Saxo Bank.
Euro to Danish Krone (EUR/DKK) Exchange Rate Forecast to Fluctuate
Given that traders are waiting on tenterhooks to see whether Greece will be able to repay its debt to the IMF, there is a high possibility that the Euro to Danish Krone (EUR/DKK) exchange rate will fluctuate over the course of Thursday’s European session.
Friday is likely to see heightened EUR/DKK volatility with Danish inflation data due for publications. A complete absence of European data will likely see the common currency subject to geopolitics.
The Euro to Danish Krone (EUR/DKK) exchange rate climbed to a high of 7.4740 today.