Danmarks Nationalbank (DN) made FX intervention purchases for DKK168.7bn in February.
In the latter part of February, DN did not intervene in the FX market.
Despite the surge in the Danish FX reserve, it is a fair distance from the size of reserves in Hong Kong, Singapore and Switzerland.
We expect DN to keep EUR/DKK in the range of 7.4440-7.4700 in 1M-12M and do not expect DN to make changes to the key policy rate within the coming 12 months.
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