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EUR/DKK vigilant on ECB, DN – Danske Bank

FXStreet (Edinburgh) - Arne Rasmussen, Chief Analyst at Danske Bank, hinted at the possibility of further intervention in the FX markets by the DN.

Key Quotes

“With the ECB expected to cut its deposit rate and expand its bond purchase programme in December, focus on the Danish peg could re-emerge”.

“Yesterday, Danish currency reserve data showed that the pace of FX intervention slowed further in October and with EUR/DKK below the central rate, there is no imminent need for continued FX intervention purchase of DKK”.

“We expect DN to stay on hold and EUR/DKK to trade at 7.4550 in 3M-6M. Should downward pressure on EUR/DKK return, we expect DN to cap EUR/DKK downside around 7.4500 using FX intervention”.

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