UniCredit upbeat on prospects for the euro

SME

On November 19, the Italian bank predicted EUR/USD would rise from 1.36 to 1.39 in three months' time, while a number of other contributors expected the currency pair to fall. Meanwhile it predicted EUR/JPY would remain high at 115; although it dropped to a low of 107 on January 10, it rose back up to 114 on February 21.

According to Armin Mekelburg, foreign exchange strategist at UniCredit in Munich, the bank has maintained faith in the strength of the euro in recent months, based on an

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