CIBC wins double whammy with slow-burn euro forecast

EUR-JPY January 30 2012

Canadian Imperial Bank of Commerce (CIBC) has topped this week's one-month and three-month currency forecast rankings with an accurate expectation of a gradual downward grind in the euro rather than a sudden sprint of euro selling.

On December 16, 2011, with EUR/JPY trading at 101.45, the bank forecast the pair would fall to 99.33; on January 23, it was trading at 99.51, according to data from Thomson Reuters. The bank expects further depreciation in the euro against the yen during the coming

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