Goldman's Euro Prediction Didn't Quite Work as Well as Planned
- Shared currency surges after ECB, confounding call for plunge
- `We badly misread this meeting,' strategist Robin Brooks says
Here's Why the Euro Spiked Today
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Goldman Sachs Group Inc.’s call for the euro to plunge Thursday didn’t exactly go according to plan.
Less than 24 hours after predicting that a “dovish surprise” from European Central Bank President Mario Draghi would send the euro tumbling as much as 3 percent, Chief Currency Strategist Robin Brooks is rethinking his entire weak-euro thesis after the ECB and currency markets moved against him. The euro rallied 3.1 percent to $1.0940 by the close of trading Thursday, the most since 2009, after Draghi delivered a stimulus package that was less aggressive than investors anticipated.