CBA contrarian view tops 12-month rankings
Bank predicts euro to strengthen until a US rate hike
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Commonwealth Bank of Australia (CBA) topped last week's 12-month currency forecast rankings with a contrarian view against the concensus that saw a stronger EUR/USD depreciation due to increasing asymmetry between the central bank policies of the US and the eurozone.
On July 26, 2013, the bank forecast EUR/USD, then trading at 1.32, to remain precisely at that level 12 months later. The overall consensus at the time called for a drop to 1.24.
Richard Grace, CBA's
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