The Denmark currency that slumped to an 18-day low of 5.2988 against the US dollar in early European trading remained stable on Monday morning in New York. The krone is currently trading at 5.2928, compared to 5.2405 hit late New York Friday. If the Danish krone moves down further, support is seen near the 5.316 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 krone declined after the Statistics Denmark announced that the producer price index or PPI dropped 10.5% year-on-year in July. This was the largest decline since 1981. On a monthly basis, producer prices dropped 0.6% in July.

At the same time, the producer goods prices fell 0.4%, while imports prices dropped 0.9%.

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