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EUR/USD: Here Is Why There Is No Bottom In Sight - Goldman Sachs
Goldman Sachs has little sympathy for the arguments currently being made for why EUR/USD downside is limited from here. "There are three basic arguments: (i) a cyclical rebound in Europe will drive EUR/$ higher; (ii) EUR/$ has overshot nominal rate differentials; and (iii) the Euro zone current account puts a floor under the single currency," GS clarifies. Here are GS' thoughts on each of these: (i) A cyclical rebound in Europe is not EUR/$ positive because ECB QE is capping nominal interest rates, preventing the usual transmission of a growth rebound into stronger FX, which runs via higher interest rates. In fact, ... (full story)
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