UniCredit wins on euro contrarian view

The bank keeps a bullish view on the single currency

forecasts

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UniCredit topped last week's 12-month currency forecast rankings by correctly anticipating the rise of the euro on the back of stronger than expected recovery, against the prevailing view that it would drop further against the dollar.

On 17 May, 2013, the bank forecast EUR/USD to climb to 1.36 in a year's time. The single currency had been trading between 1.29 and 1.31 during April 2013. The overall consensus predicted it would fall to 1.24, pulled down by the

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