Spot-on call on euro fall puts CIBC on top

The bank maintains forecast for Fed hike in Q1 2015




The Canadian Imperial Bank of Commerce (CIBC) topped this week's one-month currency forecast rankings by taking a prudent view on the scope of further falls in the value of the euro, as the bank calculated most of the European Central Bank's (ECB) monetary easing had already been priced in.

On September 19, EUR/USD was trading around the 1.28 level. It had fallen to 1.25 by October 3, before bouncing back to hover between 1.26 and 1.28 since. Jeremy Stretch, head of

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