Simmering Scandinavia?

Denmark

·         Lowered the benchmark deposit rate to a record minus 0.35 percent on 22nd January 2015.

·         That followed a 15 basis-point cut on Monday, 19th January 2015.  

·         "Denmark sold a record 50 billion kroner ($7.7 billion) from Jan. 15-20 to weaken the currency, Svenska Handelsbanken AB estimates.

·         That’s equivalent to more than 10 percent of foreign reserves as of the end of December.  "

Source(http://www.bloomberg.com/news/2015-01-22/denmark-cuts-key-deposit-rate-to-minus-0-35-to-drive-down-krone.html)

Compare with the Forex position estimated below to know the enormity of intervention: 

"5 January 2015 Press Release  of the Danish National Bank

Foreign Exchange and Liquidity and Monthly Balance Sheet, December 2014

 ...

In December 2014 the foreign-exchange reserve increased by kr. 1.3 billion to kr. 446.8 billion. The increase reflects Danmarks Nationalbank's net sale of foreign exchange for kr. 0.8 billion, and the central government's net borrowing of foreign debt for kr. 2.1 billion... In December, Danmarks Nationalbank has not intervened in the foreign exchange market."

(http://www.nationalbanken.dk/en/pressroom/Documents/2015/01/DNN201521572.pdf)

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