CMC on top of ECB's 2011 rate hike reversal
CMC Markets has topped this week's 12-month currency forecast rankings after accurately predicting a reversal of the European Central Bank's (ECB) rate hiking policy during 2011 would lead to a weakening of the euro against a stronger US dollar.
On March 18, 2011, with EUR/USD trading at 1.4130, strategists at CMC Markets forecast the pair would rise in the short term, but fall to 1.275 in 12 months' time. Although the spot rate was at 1.32 by March 19, according to data from Thomson Reuters
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