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Frederiksen enjoyed a surge in popularity for standing up to the US over Greenland but her support is down on 2022.
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Frederiksen, 48, called the vote months earlier than expected, buoyed by popular support for her handling of US President Donald Trump's threat to annex Greenland, an autonomous Danish territory.
Her Social Democrats have lost support since the 2022 elections and she is facing a strong challenge from two parties on the centre-right, including the Liberal Venstre party of Defence Minister Troels Lund Poulsen.
Denmark is run by coalition governments and Tuesday's vote will decide whether power will stay with a left-win bloc or move to the right.
Latest opinion polls give Frederiksen's Social Democrats by the far the largest share of the vote, on more than 20%, well ahead of the Liberals and Green Left.
Although the election is not being fought on the Greenland crisis, Frederiksen is gambling that the "Trump bump" that boosted her poll numbers after her defiant stance on Greenland will be enough to hand her a third term in a tight election race.
Denmark, which has long been one of the closest US allies in Nato, has rebuffed Trump's bids to take over Greenland, and the Danes and their European partners sent a military contingent to the island last January.
Broadly-speaking, however, there is a wide consensus in Denmark on foreign policy, so it is domestic concerns that have dominated the campaign trail.
Instead, the state of the economy and the cost of living are key issues, with Frederiksen proposing a 0.5% wealth tax for the richest 20,000 Danes. The high level of pesticides in drinking water because of pig farming and agriculture has also become a concern for voters, with some parties including Frederiksen's calling for a ban.
However, her party's lead in the polls is not likely to be enough to maintain the 90 seats she needs to hold a majority in parliament.
After a commanding win in 2022, Frederiksen led a coalition across the middle, that saw her Social Democr
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