Tuesday, November 23, 2010

Unbelievable! Once Again Goldman Sachs' Foreign Exchange Team Gets it EXACTLY Wrong (EUR/USD) GS

EUR/USD is currently at 1.3486.
Back on October 7 we posted "Too Funny: Goldman Raises Target for Euro, Probably Sets Short Term Top (EUR/USD)":
EUR/USD currently 1.3935. 
This is getting to be a running joke.

From ZeroHedge:

EUR Top: Goldman Revises EURUSD Target From 1.38 To 1.55
To be fair to Goldman, the Euro did trade higher: 1.4280 top-tick on Nov.4.

On Oct. 27 we posted "Say Goodbye to Euro Rally" (EUR/USD):
EUR/USD is currently at 13816 down .0043.
From the Wall Street Journal Europe's The Source blog:

The foundations for a euro rally are crumbling fast....
Here's the history of Goldman's Forex team over the last year:
August 31 
Currencies: "Is Goldman Preparing To Reevaluate Its EURUSD Target... Again?" (EUR/USD)
July 16, 2010 
"Goldman's FX Team Validates Cynical Critics, Capitulates On EURUSD Recommendation ONCE AGAIN" (EUR/USD)
June 10, 2010 
"Goldman Formally Lowers EURUSD Target From $1.35 To $1.15; Time To Go Long"(GS)
April 1, 2010 
Goldman Sachs on EUR/USD: "no freaking clue where the EUR will go next" (GS)
If you have an interest, plot the Goldman "research" against the EUR. It's got to be deliberate.

All that being said, the euro is oversold on a short term basis and could pop violently.
In the long run the euro is dead; the question is: can it last until it and the buck are replaced by some U.N. sanctioned world currency?
"And I, for one, welcome our new insect overlords"
-K. Brockman