Health, Myths, Fraud and the Crisis

BIS Gold swaps

On 17.06.2010 BNP Paribas had projected EURUSD below parity in 2011:

“Despite this week’s rebound we have revised our EURUSD projections lower once  again. So far, we had expected EURUSD to hit parity in Q1 2011, followed by a gradual rebound of the EUR. Now we are convinced that EURUSD will have to remain weaker for longer and we expect it to drift to 0.97 in Q3 2011.”

The actual Euro/USD ex rate at 31.07.2010 was ca. 1,30,  they were forced to swap gold with the BIS to get out of a massive currency crunch. I wonder whether they have closed their money losing bet on the Euro …

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