The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Foreign Exchange

FX comment: Goldman looks for EUR/USD to 1.55

Goldman marked itself as a bull on EUR/USD in its Global viewpoint publication on Wednesday. The bank is now predicting 1.5500 in the next year. Of course Goldman’s appalling call targeting 1.1500 in early June, when the spot was at its lows, got everyone’s contrarian indicator bells ringing. Everyone is entitled to the occasional erroneous prediction – even our favourite investment bank – but the rally does feel relentless: USD/CHF is at an all time low; USD/JPY is at a 15-year low; and now, to the detriment of my pee-in-the-wind FX account, EUR/USD has sailed imperiously through the 61.8% retracement of the move down from 1.5144.

 

However, I’m not yet ready to join the trash-the-dollar, embrace-the-risk club. There are still some strange things happening that make me nervous. One is the price of gold, at record highs of almost $1,350 an ounce as I write; it even featured in The Sun’s page 3 ‘News in Briefs’ section on Wednesday. Peta, 23, from Essex, was so distracted by the price of bullion that she’d forgotten to put on her clothes; indeed she had “...noticed gold futures reached a record $1,340 an ounce after recent market volatility boosted demand for the metal.”

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree