A record current-account surplus and rising inflation-adjusted bond yields will limit any decline in the currency to $1.10 even in the event of a Brexit decision, said Daisuke Karakama, chief market economist at Mizuho Bank Ltd. in Tokyo.
The same drivers will then send the euro toward $1.15 by year-end as long as U.S. interest rates stay on hold, he said. Mizuho has been in the top two most accurate forecasters of the the shared currency in each of the past three quarters.
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