Goldman Sachs cuts commodities index forecast over the next 12 months

Bloomberg with the headline ... just the headline at this stage

I'll get more and be back!

You'd think a headline like this would weigh on the AUD


  • Goldman sees oil prices weakening in Q3 to lows seen in Q1
  • 3-month oil price forecast is at $58/bbl

From a GS client note on May 22


  • "Bearish themes" of deflationary pressure from oil prices, divergence of U.S. economic growth/U.S. dollar and deleveraging and rebalancing in emerging markets to reassert themselves
  • As bearish long-term macro themes return, GS sees downside pressure on commodity prices re-emerging
  • Most bearish on copper, which is most exposed