Oil troubles yen forecasting

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The average weekly accuracy rate on one-month dollar/yen forecasts in May was 94.51% for all 36 contributors to the FX Week Currency Forecasts Index, compared with 97.26% for euro/dollar and 97.50% for dollar/Swiss.

Over the same period, dollar/yen has risen from a low of 108.67 on May 5 to reach 114.50 on May 13, before coming back down to trade between 111 and 112 last week.

Crude oil was trading at just over $38 a barrel at the beginning of May, to reach a record high of $41.85 on May 17.