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4 Feb 2015
EUR/DKK peg is well and sound – Danske Bank
FXStreet (Edinburgh) - Chief Analyst at Danske Bank Allan von Mehren argued the ND still has plenty of room to defend the peg.
Key Quotes
“On Tuesday Danmarks Nationalbank (DN) reported FX intervention purchases for DKK106.3bn in response to appreciation pressures. The FX reserves are now at DKK564.1bn, which corresponds to 29.6% of GDP”.
“Interventions and rate cuts are standard tools for DN in defence of the peg”.
“In our view, DN still has ample room to manoeuvre to keep the peg fixed”.
“We cannot rule out that DN will have to cut the CD rate further in order to ease appreciation pressure”.
“Following the release, DN stated that it has an 'unlimited supply of kroner' and that there is 'no limit to how high FX reserves can go”.
Key Quotes
“On Tuesday Danmarks Nationalbank (DN) reported FX intervention purchases for DKK106.3bn in response to appreciation pressures. The FX reserves are now at DKK564.1bn, which corresponds to 29.6% of GDP”.
“Interventions and rate cuts are standard tools for DN in defence of the peg”.
“In our view, DN still has ample room to manoeuvre to keep the peg fixed”.
“We cannot rule out that DN will have to cut the CD rate further in order to ease appreciation pressure”.
“Following the release, DN stated that it has an 'unlimited supply of kroner' and that there is 'no limit to how high FX reserves can go”.