Saxo wins with EUR/USD call

FOMC may remove the word “patient” from its statement

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Saxo Bank topped last week's one-month currency forecasts by correctly predicting the scope of EUR/USD losses, in anticipation of the European Central Bank's (ECB) quantitative easing (QE) programme.

On February 20, the Danish bank forecast EUR/USD to fall from 1.13 to 1.10 – just before the monetary policy divergence between the US Federal Reserve and the ECB was set to widen with the launch of Europe's QE programme on March 9.

John Hardy, head of FX strategy at Saxo

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