Scotia backs euro ahead of dollar in 2011

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Camilla Sutton, chief currency strategist at Scotia Capital in Toronto, said that at the time of forecasting the bank expected the decision to drive significant dollar weakness, particularly against commodity currencies such as the Australian and Canadian dollars.

Click here to download a pdf of this week's currency forecasts index.

"The assumption was that the downward pressure on the US dollar from loose monetary policy combined with commodities being pressured higher by a global investor

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