CIBC scores with three spot-on calls

Better days may lie ahead for Europe

forecasts

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CIBC World Markets topped last week's one-month currency forecast table with spot-on calls for three out of five G10 currency pairs, gauging monetary policy divergence to anticipate a cheaper euro.

On October 30, when EUR/USD was trading at 1.10, CIBC correctly projected the pair to trade down to 1.06 in a month's time. The firm also made on-target projections for EUR/JPY, which declined to 130 from 133, and for USD/JPY, which traded up to 123 from 120.

"We anticipated

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