As we keep the exchange rate very stable, volatility in the FX market cannot be detected by looking at a chart of the exchange rate. Instead it is reflected in the response of monetary policy.
For example, if there is pressure on the krone to depreciate against the euro this will lead to a reduction in our foreign-exchange reserves and an increase in the spread between Danish and ECB monetary-policy rates. This was the case in the autumn of 2008 as indicated by the chart.