RBC weak cable view lands bank top
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Royal Bank of Canada (RBC) Capital Markets has topped last week’s one-month currency forecast rankings after successfully predicting a steep drop in sterling against the dollar as traders began to price in risk ahead of the UK general election on May 7.
On March 6, with GBP/USD trading at 1.56, the Canadian bank forecast the pair to drop to 1.50 over the month period. It fell even further to 1.49 during that time, and Keng Goh, global currency strategist at RBC Capital
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