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Krone Weakness Prompts Talk of Central Bank Propping Up Currency
The Danish krone’s enduring weakness has prompted speculation that the central bank may have intervened for a second month in a row to prop up the currency and maintain the peg with the euro. According to Handelsbanken’s Jes Asmussen, data due on Tuesday is expected to show that the central bank sold as much as 5 billion kroner ($736 million) worth of foreign currency in November. If so, it would represent the second such intervention in a row after a nearly year-long hiatus. Asmussen said central bank fixing rate data shows that the krone hit its lowest point ever against the euro last week. A significant ... (full story)
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