Dollar bears' hopes realised

Royal Bank of Scotland (RBS) is one of the Index participants that had forecast the pair to go lower when it was at 1.2187 one month ago. RBS's one-month view of 1.18 was then the lowest on the Index, closely followed by Bank of America, Bank of China, Barclays Capital and BNP Paribas, all at 1.19.

On the other end of the scale, only Saxo Bank and Merrill Lynch had predicted the extent of the rise of euro/dollar to 1.26.

The other closest dollar bears, all forecasting 1.25, were research consult