The Denmark currency gained ground from a 2-day low against the US dollar in early New York trading on Wednesday. The Danish krone advanced to 5.6055 against the buck by 9:15 pm ET, from 5.6571 hit early in the European session. The pair was worth 5.6215 at Tuesday's North American close.
The Danish krone is pegged to the euro since January 1, 1999. Prior to the introduction of the euro, the Danish Krone was pegged to the German Mark. The reference rate for the euro-krone pair is at 7.4603.
In economic news, the Statistics Denmark announced that the retail sales increased 0.9% month-on-month in February, after rising 0.7% in the previous month. In December, retail sales were down 1.6%.
On an annual basis, retail sales declined 8.9% in February, compared with a 6.2% fall in the previous month. This was the fifth consecutive month of decline in retail sales.
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