Danish Krone (DKK)

Denmark — Danmarks Nationalbank

Danish krone — pegged to the euro within ERM II under one of the world's longest-running currency arrangements.

FX Session:
London
DKK/USD Exchange Rate
Economic Indicators
Indicator Latest Previous Change Date
Policy Rate 1.6 — — 2025-06-06
Inflation 1.8 2.2 -0.40 2025-06-30
Gdp 754.951 771.955 -17.00 2025-06-30
Unemployment 2.7 2.7 0.00 2025-05-31
Trade Balance 22521.3 29171.2 -6649.90 2025-05-31
Ppi 9.1 8.8 +0.30 2025-06-30
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About the Danish Krone (DKK)

The Danish krone (DKK) is the official currency of Denmark. Since 1999 it has participated in the European Exchange Rate Mechanism II (ERM II), maintaining a central rate of 7.46038 DKK per euro within a narrow ±2.25% band.

Danmarks Nationalbank: monetary policy framework

Danmarks Nationalbank does not pursue an independent inflation target. Its primary objective is to keep EUR/DKK close to the central parity, achieved through matching the ECB's policy moves and intervening in the FX market when needed.

What moves the DKK?

  • EUR/DKK position relative to the 7.46038 central rate.
  • ECB policy-rate decisions, which Danmarks Nationalbank typically follows.
  • Danmarks Nationalbank FX reserves (a proxy for intervention).
  • Spread between Danish and German short-term rates.
  • Periodic stress in the krone peg around large flow events.

Key data and events to watch

  • Danmarks Nationalbank certificate-of-deposit (CD) rate.
  • EUR/DKK spot near the 7.46 central rate.
  • Monthly FX reserve disclosures.
  • ECB monetary policy decisions.
  • Danish CPI and labour-market data.

Frequently asked questions about the Danish Krone

Is the Danish krone pegged to the euro?
Yes. Denmark participates in ERM II with a central rate of 7.46038 DKK per euro and a ±2.25% band, although in practice Danmarks Nationalbank keeps EUR/DKK in a much tighter range.
Why didn't Denmark join the euro?
Denmark negotiated an opt-out from euro adoption in the 1992 Maastricht Treaty after voters rejected the treaty in a referendum. A second euro referendum in 2000 also rejected adoption.
How does Danmarks Nationalbank defend the peg?
It primarily uses unilateral interest-rate moves — adjusting the certificate-of-deposit rate independently of the ECB if necessary — and FX-market intervention from its reserves. In stressed episodes it has introduced negative rates and capped CD volumes.
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