30.04.2015 - Dollar Rally Is Over, Time To Rotate Into Multinationals, Commodities
Goldman Sachs is wrong about the dollar, according to Cornerstone Macro in a report published on Monday. Cornerstone Macro is top ranked in macroeconomics research by Institutional Investors. The debate is always: What’s been driving the dollar? Goldman Sachs, for instance, believes foreign central banks’ monetary easing policies have been the catalysts that will push the U.S. dollar higher. See my April 23 blog “Goldman: The Dollar Rally Is Not Over“. Cornerstone Macro’s Francois Trahan and team take a different view. “Our work suggests that the bulk of dollar strength [over the past several quarters] has been a function of a global growth slowdown,” wrote the analysts...............................................Full Article: Source
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