The FX reserve was unchanged in June at DKK464bn as Danmarks Nationalbank (DN) stayed on the side-lines in the FX market for the third straight month.
EUR/DKK traded at the low end of the historic trading range with little distance to the level at which DN was buying EUR/DKK in FX intervention in February and March.
We forecast EUR/DKK at 7.4400 in 1-12M and expect that DN will keep its key policy rate, the rate of interest on certificates of deposits, unchanged at minus 0.65% in 12M.
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