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'Sorry Is The Hardest Word': We Got It Wrong On EUR But...- Deutsche Bank
In an apologetic note to clients today, Deutsche Bank admitted that they got it wrong on the EUR for most of this year with their 1.25 (revised from 1.20) year-end forecast for the single currency against the US dollar. Here is how Bilal Hafeez, global head of FX strategy at DB put it: "How to say ‘mea culpa’: I'm beginning to feel like Mervyn King when he was Governor of the Bank of England constantly having to write letters to the Chancellor explaining why he missed his inflation target. Yesterday, the euro reached a new high for the year at 1.3793 contrary to my expectation of a weaker euro into year-end. Since ... (full story)
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