Goldman Sachs Ends Trade Recommendation to Buy Euro for 7% Gain

Goldman Sachs Group Inc. ended a trade recommendation to buy the euro against the dollar, after the 17-nation currency rallied following European Central Bank measures to stem the sovereign debt crisis.

“With much of the expected developments now past us, our initial target of $1.30 reached and a period of further consolidation possible, we consider it prudent to close our recommendation for a potential gain of about 7 percent,” Goldman Sachs foreign-exchange analysts led by London-based Thomas Stolper wrote today in an e-mailed report.

To contact the reporter on this story: Neal Armstrong in London at narmstrong8@bloomberg.net

To contact the editor responsible for this story: Paul Dobson at pdobson2@bloomberg.net

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