Calyon profits from euro position
"We based our forecasts for euro strength over the past 12 months on a number of factors, including relative growth, interest rate differentials and asset market performance," said Mitul Kotecha, head of global FX research at Calyon in London.
The bank suspected interest rate differentials between the US and eurozone would narrow sharply. This would be prompted by a shift in growth dynamics between the US and eurozone, with US growth expectations revised lower over 2007 in contrast to upward
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