Yen accuracy slips in static month

The 37 participants that submitted forecasts on July 2 were out by an average of 3.1% for dollar/yen forecasts and 2.9% for euro/yen tested against spot rates on August 2. That compares with 1.6% for euro/dollar; 1.5% for cable and 2.0% for dollar/Swiss.

The difficulty in forecasting yen may seem surprising because the currency had a relatively static month compared to some big swings in other pairs. But this has made it all the more difficult to predict, said Karen Griffith, head of currency