Spot-on dollar view puts CIBC top

Fed to raise rates soon after BoE action

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The Canadian Imperial Bank of Commerce (CIBC) topped last week's one-month currency forecast rankings with the view that an improvement in US fundamentals would eventually be reflected in gains for the US dollar against other major currencies.

On July 4, the bank gave a spot-on forecast that GBP/USD and USD/CHF would drop to 1.68 from 1.71 and ascend to 0.90 from 0.89, respectively.

Against the consensus that saw cable keeping its value above 1.70, Jeremy Stretch, head

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