Economics
Goldman Sachs Calls the Bottom for the Dollar
- Greenback gains almost 3 percent after falling to one-year low
- Goldman sees U.S. currency advancing 15 percent over two years
Cole: U.S. Dollar Not Strong or Weak, but Range Bound
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Goldman Sachs Group Inc. says the dollar slump is over.
A gauge of the greenback has rallied almost 3 percent from a one-year low reached last week, extending gains even after April payrolls data showed the weakest job growth in seven months. Goldman Sachs says the post-payrolls rally shows that market expectations for economic growth and Federal Reserve interest-rate increases have fallen too far, too fast, positioning the currency for a rebound. Strategists at Societe Generale SA and Brown Brothers Harriman & Co. are less bullish, saying a broader dollar recovery will depend on further economic data.