The Danish market for euro and dollar liquidity is considerable, and intervention via the FX swap market also entails drawing substantial amounts on the foreign-exchange reserve. Pressure on the krone prompted Danmarks Nationalbank to intervene heavily directly in the foreign-exchange market in late September and the first weeks of October.
Intervention sales of foreign exchange totalled DKK 1 billion in September and reached a monthly all-time high  BIS Review 35/2010  3  of DKK 64 billion in October. There were considerable day-to-day fluctuations. On some days, intervention purchases approached DKK 15 billion. Intervention by Danmarks Nationalbank was concentrated in the periods around 7 and 24 October, when we raised our interest rates.