UBS bucks the trend on risk aversion
UBS topped this week's three-month currency forecast rankings with a deviating view that the market would move back towards risk aversion.
Geoffrey Kendrick, director in foreign exchange strategy at UBS in London, said that in late October, the majority of the market expected the US dollar to continue selling off against the euro when it approached its 2009 high of 1.5145.
But the Swiss dealer had a different take on the situation, forecasting EUR/USD to retrace to 1.40 in three months' time.
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