Positive view on Swiss franc puts Nomura on top
Nomura has topped this week's 12-month currency forecast rankings after taking a contrarian view last July that the Swiss franc would appreciate based on structural flows.
On July 30, 2010, with USD/CHF trading at 1.04, Nomura went against the consensus of forecasters by predicting the pair would fall to 0.86 in a year's time as a result of an expected strengthening of the Swiss franc. In fact, the currency has appreciated even more than anticipated, trading at 0.79 on August 1.
"Before the
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