Bar for Danmarks Nationalbank action higher than it has been historically

In March the FX reserve was DKK737.1bn which was DKK0.1bn higher than in February and Danmarks Nationalbank (DN) did not intervene in the FX market. 

Lack of intervention indicates that the bar for DN action is higher than it has been historically as EUR/DKK moved close to 7.4700 at the end of March. 

"We forecast EUR/DKK at 7.4490 in 12M and DN to keep policy rates unchanged and expect DN to cap the top side of EUR/DKK at 7.4720 through intervention." - says Danske Bank