BNP Paribas wins on policy divergence theme
The ECB should announce quantitative easing at its January 22 meeting
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BNP Paribas topped last week's 12-month currency forecasts by anticipating the divergence in policy of the major central banks would gain prevalence in 2014, giving support to the dollar.
On January 17, 2014, the bank forecast EUR/USD and USD/JPY to move to 1.23 and 118, respectively, from 1.36 and 104.38. The consensus view correctly foresaw the direction of the moves, but fell short in predicting how much the euro and yen would weaken.
Michael Sneyd, FX strategist at
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