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The EUR/DKK currency pair is expected to touch a level of 7.4350 in the one-month period and 7.44 in the 3-12 months period, according to forecasts by the Danske Bank research group.
Downwards pressure on EUR/DKK eased a bit in the latter half of March. This is probably due to the March 'dividend effect' and the tightening of liquidity requirements in significant currencies on Danish banks.
Overall, 7.44 looks like it is becoming the 'new normal' for EUR/DKK. However, it may test the 7.4330 intervention level in the near-term ahead of the French Presidential election; at least as long as Le Pen is in the race to become the next French President.
"Based on the experience from last year, our view remains that the bar for a DN rate cut is high. Hence, if needed, DN will continue to use FX intervention to fend off downwards pressure on EUR/DKK," the report commented.
