BAML wins with correct bearish euro call
Bank of America Merrill Lynch (BAML) has topped this week's one-month currency forecast rankings after correctly taking a bearish view on the euro, driven by expectations of poor economic data, worsening problems in the eurozone and growing fears of a Greek default.
On August 12, with EUR/USD trading at 1.42, strategists at the bank went against the consensus view that the pair would remain stable in a month's time, and instead expected the euro to weaken to 1.37. The forecast was correct, and
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