Goldman Sachs: The dollar has bottomed

From Bloomberg:

Goldman Sachs Group Inc. says the dollar slump is over.

The greenback has rallied almost 1 percent from a one-year low reached last week, extending gains even after April payrolls data showed the weakest job growth in seven months. Goldman Sachs says the post-payrolls rally shows that market expectations for growth and Federal Reserve interest-rate increases have fallen too far, too fast, positioning the currency for a rebound. Strategists at Societe Generale SA and Brown Brothers Harriman & Co. are less bullish, saying a broader dollar recovery will depend on further economic data.

“We remain dollar bullish and think the trajectory is higher from here,” Robin Brooks, Goldman Sachs’s New York-based chief currency strategist, said in an interview with Bloomberg Radio. “The reaction on Friday to a meaningfully weaker-than-expected payrolls was telling: We had a disappointing jobs number and the dollar actually bounced.”

Brooks estimates that the dollar will…

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