Three things are sure in life: death, taxes, and betting against the calls of Goldman's Thomas Stolper. Sure enough: We lower our EUR/$ forecast path slightly but keep the same upward-sloping trajectory. Our new EUR/$ trajectory is 1.40, 1.45 and 1.50 in 3, 6 and 12 months, from 1.45, 1.50, 1.55 previously. The recent increase in the Euro area’s fiscal risk premium is likely to persist. Very large short EUR/$ positioning is likely to last in the near future. But the underlying Dollar downtrend should drive EUR/$ higher over time. We discuss the CHF and safe-haven currencies after the SNB’s commitment to intervene. ... (full story)