The eurozone lost 5.1 million jobs throughout the pandemic

The previous three months saw employment fall by 2.9 percent, and its official second-quarter GDP figure showed an 11.8 percent decline in the same period. These figures are prompted to push the euro lower against the Danish krone as its 50-day moving average continues to tumble lower than its 200-day moving average counterpart. The European Central Bank had also warned markets about its over inflation in the forex market, which could have been another major driver for its decrease against crown currencies. Consumer price inflation also went lower in August by 0.2 percent, down from the 0.4 increase the month prior. However, it looks like the descent won’t get far – Denmark just surpassed the number of coronavirus infections in the country over Sweden, which could prompt a longer-term weakness for its currency. In the near-term, the euro is projected to fall.