BNP cautions on the dollar
CURRENCY FORECASTS
Rate hike expectations have been the overriding theme in FX markets lately, providing strong support for the US dollar. As the US undergoes an extended growth cycle, with fiscal expenditure following hurricane Katrina, the trend is likely to continue, said Stannard.
BNP Paribas, which topped this week’s three-month rankings, expects that the eurodollar will move down to 1.17 before year-end.
In the medium term, however, the picture will change, and "some caution will be required", said Stannard
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