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22 Jan 2015
EUR/DKK hits 3-week high after DNB cuts rates for second time this week
FXStreet (Córdoba) - EUR/DKK rose to fresh 3-week high after the Danish Nationalbank cut its deposit rate to -0.35% from -0.2%, the second cut in 4 days, in response to ECB expanded asset purchase programme. The Danish Central Bank had lowered its deposit rate to -0.2% from -0.05% on Monday.
EUR/DKK climbed to a recovery high of 7.4470 after the ECB and the DNB moves. At time of writing, the pair is trading at the 7.4420 area.
The Danish decision came 90 minutes after the ECB announcement as the DNB fights to prevent the krone to appreciate.
EUR/DKK fell to a low of 7.4283 on Jan 15 in the aftermath of the SNB decision to remove the EUR/CHF floor. Increasing pressure on the euro has supposedly force the Danish Bank to intervene in the FX market and to conduct its second rate cut this week.
EUR/DKK climbed to a recovery high of 7.4470 after the ECB and the DNB moves. At time of writing, the pair is trading at the 7.4420 area.
The Danish decision came 90 minutes after the ECB announcement as the DNB fights to prevent the krone to appreciate.
EUR/DKK fell to a low of 7.4283 on Jan 15 in the aftermath of the SNB decision to remove the EUR/CHF floor. Increasing pressure on the euro has supposedly force the Danish Bank to intervene in the FX market and to conduct its second rate cut this week.