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Goldman Axes Short Dollar Call as Higher U.S. Yields Spoils Bet
Almost six months after Goldman Sachs Group Inc. recommended shorting the dollar, it’s calling it quits on the trade. In a note titled “tactical retreat,” Goldman’s currency team closed its recommended short greenback position against a basket of Group-of-10 commodity currencies, including the Australian and New Zealand dollars. The firm joins hedge funds and other investors in capitulating on bearish dollar bets after surging Treasury yields triggered a rebound in the U.S. currency, capsizing one of the world’s most crowded macro trades. “Although we still expect these currencies to appreciate versus the ... (full story)
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