Late summer lull aids accuracy

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But while static markets are playing havoc with traders' P&L figures, analysts are sitting pretty with unusually high accuracy ratings as a result of the low volatility. All 37 forecasters on the one-month index this week were within 3.5% of the target spot rates last Monday, while six contributors (GFT Forex, Danske Bank, HSBC, Rabobank, Royal Bank of Canada and Mellon Bank) were within 1%.

If the forecasters are right, however, volatility will return next year, with much wider 12-month views.