UBS Wealth Management upgrades 6-month forecasts for euro, sterling

A bank employee counts pound notes at Kasikornbank in Bangkok, Thailand October 12, 2010. REUTERS/Sukree Sukplang/File Photo

LONDON (Reuters) - UBS Wealth Management upgraded its six-month forecasts for the euro and sterling on Friday after upgrading its short-term forecasts earlier this week, citing protracted dollar weakness.

The firm upgraded its euro forecast against the dollar to $1.28 for six months from a previous forecast of $1.22, according to a report published by the Chief Investment office at UBS Wealth Management.

It also upgraded the forecast for the British pound against the dollar to $1.45 from $1.36 for a similar time frame.

The CIO’s office oversees the investment policy and strategy for approximately $2 trillion in invested assets.

Reporting by Saikat Chatterjee; Editing by Dhara Ranasinghe