Expectations by Goldman Sachs Supporting the Euro

Goldman Sachs is expecting the Euro (EUR) to continue to rise against the U.S. Dollar (USD), advising investors to go long on the European currency, according to a recent note.

Following the report, the EUR/USD pair reached its highest level in about six weeks on Monday.

The investment bank is expecting more gains for the Euro over the coming months.

Goldman Sachs has revised upwards its expectations for the EUR/USD pair over the next three months to 1.25 from a previous 1.21 target.

Meanwhile, the 12-month target was maintained to 1.28.

Recently, researchers at Goldman Sachs expected the STOXX Europe 600 index to rise by about 10% over the coming 12 months, compared with a 6% expected increase for Wall Street’s S&P 500 index.

The EUR/USD is up by 0.44% at 1.2036, after gaining about 0.71% last week.