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Hedge Funds Turn Bearish on US Dollar as Goldman Sees More Declines
Goldman Sachs Group added its voice to a chorus of expectations of a weaker dollar after the US central bank’s clearest sign yet that interest-rate cuts are coming. Goldman made sweeping changes to its exchange-rate forecasts after the Federal Reserve signaled a more-rapid move to “non-recessionary” interest-rate cuts, analysts including Michael Cahill wrote in a note on Friday. For the first time since September, hedge funds and other large speculators switched to a net short position against the dollar as of Dec. 12, according to Commodity Futures Trading Commission data. The Bloomberg Dollar Spot Index ... (full story)