Scotiabank wins with spot-on euro call

Bank forecasts EUR/USD and EUR/JPY levels correctly

forecasts

Scotiabank topped last week's one-month currency forecasts after successfully predicting the strength of the euro against the dollar and the yen.

On April 1, the Canadian firm forecast EUR/USD to rise to 1.12 from 1.07 over the month. The pair hit a low of 1.05 on April 13, before gaining traction and settling at the level foreseen by the bank.

Camilla Sutton, chief FX strategist at Scotiabank, says the move was a combination of euro short covering and a positive set of data coming from the

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