Long-term bet on euro and yen lands CBA on top

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Commonwealth Bank of Australia (CBA) has topped this week's 12-month currency forecast rankings after taking the view that macroeconomic factors would strengthen the euro and weaken the yen over the course of last year.

On January 4, 2013, with EUR/USD trading at 1.30 and USD/JPY at 88.26, the Australian bank forecast the two pairs to rise to 1.34 and 92 respectively in a year's time. In fact, both moved some way further than CBA's forecast, with EUR/USD at 1.36 and USD/JPY at 104.53 on January

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