This is the current USD-DKK mid-market exchange rate. The Total Cost of buying foreign currency in the above table is calculated as the sum of all fees and the exchange rate margin, which is the difference between the provider's exchange rate and the mid-market USD-DKK exchange rate.
Whenever you are researching a particular exchange rate you are actually interested in two currencies as the value of a currency must always be quoted relative to a second currency.
So it follows that if you are determining the best time to transact, in this case the USD vs DKK, you should pay attention to both United States Dollar and Danish Krone news and forecasts.
In the third week of April the Dollar Index was rallying strongly towards the mid-97s, slightly below major resistance at 97.70, a break of which would be massively positive for the greenback. The index was up 1.7 percent year-to-date.
The dollar’s strength comes in spite of a dovish surprise in March from the Federal Reserve, which ditched two interest rate hikes from its 2019 projections. Fortunately for dollar holders, the rest of the world has problems and other important central banks also turned dovish, removing much of the incentive for selling USD.
Bloomberg research warned in April of potential for a large upcoming move in the US dollar, up or down. Over the past quarter-century, three prominent troughs in the JPMorgan Global FX Volatility Index were followed by dollar moves over 6-month periods worth 10-15 percent. The index was trading in mid-April at a 5-year low.
Against the dollar, the Danish krone remains weak. At kr6.635 per USD on April-22, the krone is only 2.4 percent away from making a 22-month low.
Being pegged to the euro, krone weakness has been driven partly by Brexit uncertainties and has followed recent dovishness from the ECB: with the eurozone economy struggling, the ECB has said it will push back its first interest rate rise in 7 ½ years to 2020 at the earliest.
Forecasts: Based on ING’s March forecasts for the euro, the krone is likely to continue to depreciate against USD over the coming months. ANZ has also said that the krone will weaken, most likely to kr6.9 by mid-year. Danske Bank EUR/USD forecasts imply a USD/DKK rate between kr6.45 and kr6.65 at year-end.
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