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Forecasts THE JP MORGAN CHASE FORECASTS The JP Morgan Chase forecasts for the major currencies are published every quarter in The Economist. The table shows the latest forecast, done on 12 November. Forecasts are made for 3 months and 12 months.
JP Morgan Chase takes the most new on the rand and forecasts a 11.9% weakening of the rand against the dollar. The dollar however is also forecasted to weaken against the major currencies and on a trade-weighted basis the rand is forecasted to weaken by 16.7%. Over the previous 2 years the JP Morgan Chase forecast on the rand had a downward bias and they were much too pessimistic on the rand. The graph shows the actual movement of the rand as well as the forecasted movement from February 2002 to November 2003.
The graph clearly shows that over the previous 2 years that JP Morgan Chase was wrong on their rand forecast and that the rand has performed much better than the negative view of JP Morgan Chase. Last updated 18 December 2003 |
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