Goldman Capitulation on Dollar Shows Reversal on U.S.
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Goldman Capitulation on Dollar Shows Reversal on U.S.
By Oliver Biggadike and Inyoung Hwang
The strengthening U.S. economy, subdued inflation and rising stock prices are propelling the dollar rally into its fifth month as traders seek refuge from Europe’s fiscal crisis and Japanese deflation.
Goldman Sachs Group Inc. and Citigroup Inc. ended bets on a falling dollar last week after the trades lost 2.8 percent. Strategists are raising greenback forecasts at the fastest pace since last March, just before U.S. stimulus efforts that poured as much as $12.8 trillion into the economy ended the currency’s strongest rally in 28 years. Median predictions for the dollar against 47 currencies tracked in Bloomberg surveys rose an average of 1.4 percentage points in the month to March 24.
Continue reading Goldman Capitulation on Dollar Shows Reversal on U.S.
