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Goldman Sachs raises 2007 forecast for euro against dollar

Goldman Sachs Group Inc. raised its 2007 forecast for the euro against dollar on expectations stronger economic growth in Europe will support the 13-nation currency.

From today's seven-week low of $1.289, the euro will rise to $1.35 in three months, Goldman's currency strategists wrote in a research note published today. The bank had previously predicted the euro would trade at $1.3 in three months. Goldman predicts a euro rally to $1.35 in six months and forecasts a record $1.37 a year from now. The New York-based bank previously expected the euro to trade at $1.32 in six months and in 12 months, according to the research report. (Bloomberg)