As a former currency strategist, I have more than my fair share of spectacularly wrong forecasts. One of these was a Goldman Sachs top trade for 2015. I recommended going long the Swedish Krona and to fund this long position by going short the Swiss Franc. My rationale was that the Swiss central bank had a cap on how much the Swiss Franc could strengthen, while the Swedish Krona was very undervalued. This sounded good on paper, but then reality intervened. On Jan. 15, 2015, I was presenting Goldman’s FX outlook to local investors at the Hilton in Frankfurt. My presentation was supposed to go from 8:30 am to 9:15 am, ... (full story)