{"id":58319,"date":"2023-12-19T15:56:57","date_gmt":"2023-12-19T15:56:57","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/goldman-sachs-backs-the-rand-to-strengthen-with-room-to-run"},"modified":"2023-12-19T16:49:36","modified_gmt":"2023-12-19T16:49:36","slug":"goldman-sachs-backs-the-rand-to-strengthen-with-room-to-run","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/goldman-sachs-backs-the-rand-to-strengthen-with-room-to-run","title":{"rendered":"Goldman Sachs backs the rand to strengthen with \u2018room to run\u2019"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; South-Africa. <\/strong><\/span>Goldman Sachs added its voice to a chorus of expectations of a weaker dollar after the US central bank\u2019s clearest sign yet that interest-rate cuts are coming.<\/p>\n<p>The bank made sweeping changes to its exchange-rate forecasts after the Federal Reserve signalled a more rapid move to \u201cnon-recessionary\u201d interest-rate cuts, Goldman analysts, including Michael Cahill, wrote in a note on Friday.<\/p>\n<p>Ahead of the meeting, hedge funds and other large speculators switched to a net short position against the dollar for the first time since September, according to Commodity Futures Trading Commission data as of 12 December.<\/p>\n<p>The Bloomberg Dollar Spot Index dropped 1.2% last week and touched a four-month low after the Fed held interest rates and projected 75 basis points of reductions in 2024.<\/p>\n<p>Markets rushed to price in as many as six cuts, and Goldman\u2019s economists moved to anticipate five.<\/p>\n<p>\u201cOur new forecasts incorporate more dollar weakness than before,\u201d the Goldman analysts wrote. \u201cThe biggest revisions to our forecasts are in the rate-sensitive currencies that would have struggled under a \u2018higher for longer\u2019 rates regime,\u201d such as the yen, the Swedish krona and the Indonesian rupiah, they wrote.<\/p>\n<p>The combined position for bets across major currencies shifted to a net 26,355 contracts bearish on the dollar in the week ending last Tuesday, the CFTC data show.<\/p>\n<p>The biggest shifts were for the yen, with bets on dollar gains versus the Japanese currency dropping by more than 20%, and for the British pound, where wagers on dollar declines almost doubled.<\/p>\n<p>The yen soared 2% last week against the dollar, while the krona added 1.9%. Those were the biggest gains among G-10 currencies outside of Norway\u2019s krone, which jumped more than 4% as its central bank unexpectedly lifted its key deposit rate.<\/p>\n<p>A weaker dollar next year is the majority view among analysts surveyed by Bloomberg across the Group-of-10 nations and emerging markets, yet Goldman previously only anticipated a \u201cshallow\u201d depreciation, forecasting the dollar index to drop 3% over the next 12 months in their 2024 currency outlook published Nov. 10.<\/p>\n<p>Goldman now sees the yen little changed at 142 per dollar in six months, significantly stronger than its prior estimate of 155. It also boosted projections for the Australian and New Zealand dollars by at least 9% over the same horizon.<\/p>\n<p>\u201cWe see the most \u2018room to run\u2019 from current levels in pro-cyclical currencies that should benefit from the Fed loosening its grip on financial conditions and adding to the case for a soft landing,\u201d the strategists wrote. That group includes the British pound, the South Korean won and the South African rand.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/south-africa\">South-Africa<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; South-Africa. Goldman Sachs added its voice to a chorus of expectations of a weaker dollar after the US central bank\u2019s clearest sign yet that interest-rate cuts are coming. The bank made sweeping changes to its exchange-rate forecasts after the Federal Reserve signalled a more rapid move to \u201cnon-recessionary\u201d interest-rate cuts, Goldman analysts, including [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":58317,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-58319","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Goldman Sachs backs the rand to strengthen with \u2018room to run\u2019 - South Africa<\/title>\n<meta name=\"description\" content=\"Goldman Sachs added its voice to a chorus of expectations of a weaker dollar after the US central bank\u2019s clearest sign y ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/goldman-sachs-backs-the-rand-to-strengthen-with-room-to-run\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Goldman Sachs backs the rand to strengthen with \u2018room to run\u2019\" \/>\n<meta property=\"og:description\" content=\"Goldman Sachs added its voice to a chorus of expectations of a weaker dollar after the US central bank\u2019s clearest sign y ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/goldman-sachs-backs-the-rand-to-strengthen-with-room-to-run\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-19T15:56:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-19T16:49:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/12\/sm_1702991823.165331.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/goldman-sachs-backs-the-rand-to-strengthen-with-room-to-run#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/goldman-sachs-backs-the-rand-to-strengthen-with-room-to-run\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Goldman Sachs backs the rand to strengthen with \u2018room to run\u2019\",\"datePublished\":\"2023-12-19T15:56:57+00:00\",\"dateModified\":\"2023-12-19T16:49:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/goldman-sachs-backs-the-rand-to-strengthen-with-room-to-run\"},\"wordCount\":444,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/goldman-sachs-backs-the-rand-to-strengthen-with-room-to-run#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/12\/sm_1702991823.165331.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/goldman-sachs-backs-the-rand-to-strengthen-with-room-to-run#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/goldman-sachs-backs-the-rand-to-strengthen-with-room-to-run\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/goldman-sachs-backs-the-rand-to-strengthen-with-room-to-run\",\"name\":\"Goldman Sachs backs the rand to strengthen with \u2018room to run\u2019 - 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