Sharp moves hit 3m forecasts

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Banks contributing to the index were an average of 95.77% accurate on their forecasts submitted on April 23, and tested against spot rates on July 26. This is the lowest aggregate accuracy rating on the index since May, when the dollar hit a series of unforeseen highs, and sent forecasting accuracy tumbling below 95% for the entire month.

Last week’s difficulties were also down to surprise dollar strength as most currencies weakened sharply against the greenback.

Euro/dollar, trading at around 1