The Danish krone edged higher against the US dollar during Tuesday's early deals. At 4:10 am ET, the krone reached a high of 5.6028 against the greenback, compared to Monday's closing value of 5.6430. The dollar-krone pair is currently trading at 5.6120 with 5.55 seen as the next target level.
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.
The Statistics Denmark revealed today in a final report that the nation's Gross Domestic Product or GDP fell a seasonally and price adjusted 1.9% sequentially in the fourth quarter, revised from a 2% fall reported initially. Economists were looking for a decline of 2%. In the third quarter, the GDP was down 0.4%.
On an annual basis, the GDP dropped 3.7% in the fourth quarter, revised from 3.9% drop in the preliminary estimate. In the third quarter, the GDP was down 1.2%.
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