Scotia Capital triumphs with bullish long-term euro view in 2010
On March 4, 2010, the bank predicted EUR/USD would rise from 1.36 to 1.45 in a year's time, close to the spot rate of 1.40 on March 4 this year. It also predicted GBP/USD would be at 1.63 – a forecast that turned out to be entirely accurate a year later.
"In 2010, the euro was vulnerable after a period of increased volatility due to the rising risk of sovereign issues. We expected a temporary pull-back," said Camilla Sutton, chief currency strategist at Scotia Capital in Toronto.
But while the
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