Swiss Franc (CHF), Danish Krone (DKK) Exchange Rate Forecast: Danish Unemployment Stats Ahead
Swiss Franc (CHF) Exchange Rate Forecast
The Pound Sterling to Swiss Franc exchange rate was trending in a narrow range on Monday having fallen to a low of 1.5412 in response to the UK’s lacklustre Mortgage Approvals figures.
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Approvals were shown to have fallen in August (sliding from 66.6K to 64.2K).
Earlier in the year concerns that the UK housing market might be overheating saw the Bank of England introduce lending-restrictive stimulus measures. This report appears to indicate that the steps taken by the BoE were effective. However, in the opinion of economist Samuel Tombs to comment; ‘Looking ahead, with consumer confidence still at high levels, firms scaling up investment plans and banks gradually improving the availability of credit, lending should recover at a faster pace over the coming months.’
The UK’s Net Consumer Credit figures also had an impact on Sterling’s appeal but a lack of economic reports for Switzerland limited movement in the GBP/CHF exchange rate.
The Pound to Swiss Franc pairing could fluctuate later today as the market responds to Switzerland’s KOF Leading Indicators.
The measure is believed to have come in at -2.0 in September having registered at -0.5 in August.
A negative result could help the Pound advance, and if the UK’s second quarter GDP figures are positively revised the GBP/CHF exchange rate may push higher as the European session continues.
Danish Krone (DKK) Exchange Rate Forecast
Following the publication of Denmark’s Business Confidence indicator, the Pound to Danish Krone exchange rate was trending in a narrow range.
The sentiment measure was shown to have fallen from -6 to -9 in September, a far steeper drop than the fall to -6.5 anticipated.
However, while this result was less-than-spectacular, the UK’s own disappointing figures limited any declines in the GBP/DKK exchange rate.
As the week progresses there are several reports with the potential to trigger Pound to Danish Krone volatility.
Today, for example, Denmark will be releasing its final second quarter growth data and unemployment figures.
If quarter-on-quarter expansion is shown to have slowed it could put pressure on the Krone.
However, economists have forecast that the nation’s unemployment rate fell from 4.1% in July to 3.7% in August – data which would be DKK supportive.
The UK is also scheduled to publish final growth data for the second quarter. It is expected that the report will confirm quarterly expansion of 0.8% in the second quarter of the year. An unforeseen upward revision could inspire a spike in demand for Sterling and see the GBP/DKK exchange rate rally.
On Monday the Pound Sterling to Swiss Franc (GBP/CHF) exchange rate hit a high of 1.5468
On Monday the Pound Sterling to Danish Krone (GBP/DKK) exchange rate hit a high of 9.5370
