The Euro to Danish Krone (EUR/DKK) exchange rate softened on Wednesday as concerns over the Greek crisis weighed on the single currency and inflation data out of Denmark supported the Krone. The Euro to Swedish Krona (EUR/SEK) firmed despite positive industrial production data out of the Scandinavian nation. The Euro to Norwegian Krone (EUR/NOK) exchange rate fell as oil prices rose.
The Euro to Danish Krone (EUR/DKK) exchange rate was trading in the range of 7.4592 – 7.4618
The Danish Krone received support from data which showed that on an annual basis Danish consumer prices increased for a fourth consecutive month in May.
According to Statistics Denmark, the nation’s consumer price index increased by 0.6% on a year-on-year basis, a faster pace than the 0.5% rise seen in the previous month.
Prices of food and non-alcoholic beverages increased by 1.1%, clothing and footwear rose 0.1% and education costs increased by 2.8%. Transportation charges rose by 0.8%.
On a month-on-month basis, consumer prices remained unchanged.
Against the Pound Sterling the Danish Krone weakened by more than 0.70% as it followed the Euro lower and the UK currency was supported by mixed domestic data.
The Euro to Swedish Krona (EUR/SEK) exchange rate was trading in the range of 9.3347 – 9.3878
The Euro to Swedish Krona (EUR/SEK) experienced mixed trading even as Swedish industrial production was shown to have increased unexpectedly in April.
According to Statistics Sweden, industrial production increased by a seasonally adjusted 2% on a month-on-month basis in April. The rise was faster than the preceding month’s rise of 1.1%.
Economists had been forecasting for a drop of 0.2%.
The rise marks a third consecutive increase.
On an annual basis, industrial production was shown to have increased by 1.5%, beating forecasts for a decline of 2%.
Support for the Krona was short-lived as investor attention turns to Thursday’s Swedish inflation figures. Economists are forecasting that the nation’s inflation rate entered deflation territory of -0.2% on a year-on-year basis in May.
The Euro to Norwegian Krone (EUR/NOK) exchange rate was trading in the range of 8.7105 – 8.7775
The Euro to Norwegian Krone (EUR/NOK) exchange rate weakened broadly as the Norse currency was buoyed by better than forecast domestic inflation data and a rise in oil prices.
The value of oil increased on expectations that US stocks will drop further over the coming weeks and months. According to the American Petroleum Institute (API), data showed a much sharper weekly fall in US stocks than expected.
The Euro is forecast to remain volatile against the Scandinavian currencies and other peers until the Greek crisis is resolved. When that will happen is anyone’s guess as neither Athens nor its creditors appears willing to reach a compromise.