There is Whitney Tilson, there is Dennis Gartman, there is Bill Ackman, but when it comes to epic, heartless, blatant muppet genocide nobody, nobody in the history of Wall Street, can compare to Goldman’s chief FX strategist Thomas Stolper. Nobody.
From Goldman’s chief FX strategist Thomas Stolper:
Trade Update: Closing long EUR/GBP after strong UK data offset other Sterling negative factors
For some time we held a Sterling negative bias linked to the weak external position of the UK and the dovishness of the Bank of England under new Governor Mark Carney. Against these Sterling negative factors, we have seen a very substantial improvement in UK activity data, and a particularly impressive rise in business surveys. A large M&A transaction adds to the Sterling supportive factors. Overall, we consider it prudent to close our long EUR/GBP recommendation at levels close to where we initiated it.
We recommend closing long EUR/GBP positions for a potential negative return of 0.2%.
Needless to say, anyone doing the opposite of what Stolper has suggested for just the past 4 years, can now retire. As for Goldman’s muppet clients, well…
[VIA Zero Hedge]