Westpac tops forecast amid range trading

Australian bank wins with euro/yen call



Westpac Institutional Bank topped last week's one-month currency forecast by accurately predicting the lack of significant movement in the euro and yen against the dollar.

Both EUR/USD and USD/JPY traded within a tight range over the past month, following sharp moves earlier this year. On March 20, the euro traded at 1.09, before reaching a low of 1.05 on April 13 and settling at the 1.07 level, just short of the bank's forecast.

Westpac expects the euro to continue to

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