Banks on the mark for dollar predictions
CURRENCY FORECASTS
UBS, Citigroup and HSBC all predicted EUR/USD to end the year higher at 1.30, 1.36 and 1.33 respectively, with the currency pair trading at 1.32 on December 20, 2006. The trio made their forecasts on December 16, 2005 when EUR/USD was trading at 1.19.
Deutsche Bank, meanwhile, predicted a moderate decline in the dollar, forecasting EUR/USD at 1.25. However, the Royal Bank of Scotland's dollar-bullish stance, placing the pair at 1.15 by year-end, failed to materialise.
Steve Saywell, head of FX
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