With Q3 of 2016 coming to an end, we take a look at how some of the top tier banks have called the end of the quarter. The table below shows the latest data as of the 15/09/2016 regarding how 7 influential banks forecasted the price of 7 pairs along with the average forecast from these banks and the current price. Additionally we see a “suggests further” column which takes the current price and compares it to the average forecast, showing room for more downside if the current price is above the end of month average or room for more upside.
Currently it seems markets are pricing in a weaker USD compared to the banks forecasts as we see that just over 70% of the listed pairs have room to move in favour of USD strength. With the upcoming FOMC meeting this may very well be the case, if the FED decides to increase rates, we would see these pairs converge to the average forecast price and perhaps beyond to the more extreme forecasts as the US economy further divergence from the global average.
The above forecasts could be of importance while trading currencies
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