The world's leading investment banks predict the foreign exchange market to 2013

Credit Suisse (Credit SuisseR):

Launched major central banks almost no differences in policy space, the major currencies in 2013 may continue rangebound pattern. Bank of Japan (BOJ) may be an exception, because the incoming new government after winning the general election to be held this month, intends to take a more forceful monetary easing measures. Even so, in the environment in the U.S. interest rates stable in the low, the Bank of Japan will strive to weaker yen, Credit Suisse said. Credit Suisse also pointed out that rekindled due to the debt crisis, the euro will also be re-emergence of severe shock, could fall to $ 1.25 by the end of 2013.

Morgan Stanley (Morgan Stanley):

The bank said 2013 yen weakness, expect the dollar rose to 92 yen at the end of next year. Morgan Stanley, said the Bank of Japan may take more aggressive easing stance, this should lead to a weaker yen. The bank also expects the Australian dollar fell sharply next year. More overseas investment outflow of funds may result in the Australian dollar lower, accompanying the Australian economy weakens, the decline in domestic interest rates.

Citigroup (Citi Group):

The bank believes that the U.S. dollar next year will not rebounded sharply, unless the United States to raise interest rates for the first time the possibility. In terms of the euro, the prospect of interest rate cuts by the European Central Bank, the economy continued weakness and inflation pressure by inhibiting means that investors may be inclined to sell the euro and buy the Australian dollar and New Zealand dollar high-yielding currencies. However, the magnitude of fluctuations in the euro / dollar is expected to range of 10 cents, at 1.25-1.35. Increasing concerns around the euro zone, the exchange rate may be dropping as the low end of the range, but if this concern to ease the exchange rate may be on the high end of the probe interval. Citigroup also expects the yen to fall next year, but the Fed's low interest rate policy means that the yen minimum will drop to about 85 yen against the U.S. dollars.

BNP Paribas (BNP Paribas):

With U.S. policymakers to avoid falling fiscal cliff (taxes automatically increase spending automatically cut) agreement, the Fed continued to ease monetary policy, expect the dollar will continue the downward trend in the next year. The bank pointed out that the low interest rates in the United States also helps to prevent the yen continues to weaken, expect the dollar fell to 75 yen at the end of next year. The bank also said that the improvement of China's economic prospects for the Australian dollar, New Zealand dollar and the Canadian dollar and other commodity-related currency constitutes a positive.

Swiss banks (UBS):

The dollar is likely to become the best performing major currencies in 2013. What was the reason? First of all, it is expected that the U.S. economy will grow by 2.3% next year, while the euro zone, the United Kingdom and Japan's economy may be stalled, best only weak momentum of growth. In addition, the agency believes that the latest round of Fed easing monetary policy has been basically digested by the financial markets, unlike the European Central Bank, the Bank of England (BOE) and the Bank of Japan, the central bank are expected next year will further expand the scale of asset purchases. UBS is expected by the end of 2013 the euro / dollar fell from 1.30 to 1.20, the dollar / yen will drop to 85.

Capital markets of the Royal Bank of Canada (RBC Capital Markets):

2013 yen performance will once again be stronger than other currencies. The agency said that even greater intensity of the Bank of Japan easing monetary policy, the yen is also basically not affected by the agency as long as Japan continues to maintain a current account surplus; "default" is expected is the appreciation of the yen, with the general market Contrary to expectations. The line is expected to next year U.S. dollar / yen fell to 72, and is expected momentum of the euro / dollar rose to the second half of 2013 will be reversed, objectives, see 1.24. But the bank also said that the medium-and long-term outlook remains uncertain, the uncertainty and the impact of multiple political risk.

Royal Bank of Scotland (RBS):

2013 primary recommended sell pounds and buy dollars in transactions. Rebalancing of the UK economy has significantly lagged behind the previous forecast, the twin deficits and the fiscal and current projects seem to pose significant challenges to £ hedge currency low. The agency recommended to sell pounds and buy dollars, is expected to see $ 1.5050 GBP / USD target.

JP Morgan Chase (JP Morgan):

2013 trading environment still seems not to improve, especially if foreign exchange investment managers adhere to the so-called carry trades. In view of the developed economies and emerging economies, interest rates so low, many central banks against the strength of the local currency carry trade continue to prevail, the highest rate of return on the foreign exchange market can only reach 2%.

French bank Societe Generale (Societe Generale), (601,166, stock it):

Starting from mid-2013, the foreign exchange market is expected to enter a long-term upward trend. The Fed and the ECB will do anything for a long period of time, the economic problems faced by the latter. The agency expects the euro / dollar will drop to 1.19 by the end of next year.

Danske Bank (Danske):

In view of the major central banks are expected to further relax the policy, the foreign exchange market has formed a very suitable environment for the carry trade. Current problem only election arbitrage currency, whether in dollars or yen as a funding currency, the bank said in the context of the 2013 European emerging market currencies will be a good performance, the first choice is the Russian ruble, the Polish zloty and Hungarian Forint.

German commercial banks (Commerzbank):

Favor of the dollar more than the euro and the yen, because the Fed may be able to start the normalization of monetary policy as early as the central banks of Europe and Japan. The bank expects the euro will drop to $ 1.23 in 2013, and that the dollar / yen has considerable upside may break 90.

Barclays Capital (Barclays):

Against the Japanese yen, the situation has changed. Newly formed Japanese government would give the central bank greater mission to develop a higher inflation target, which led to the dollar / yen over the next six months rose to 88. The agency also said that the valuation should be concerned about, because this factor next year may be the driving force of the market; valuation distortions caused by the abnormal condition should start to amend in 2013, which means that the Australian dollar and other currencies easily affected.