BMO hits cable jackpot on strengthening dollar
Risk-off supported dollar rather than a Fed rate hike
Anticipation of a higher dollar led Canada's BMO Capital Markets to the top of last week's three-month currency forecast table, with on-target calls on cable and the Swiss franc. The bank was expecting the Federal Reserve's hike in interest rates to strengthen the greenback, but it was the actions of risk-averse investors that made BMO's projections a reality.
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On July 17, BMO correctly forecast cable to decline to 1.53 from where it was trading three months ago (1.56)
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