Goldman Sachs (NYSE: GS) has been left with some egg on its face for currency trade recommendations that turned out to be losers. Goldman's recommendation to buy the zloty against the Japanese yen lost 15.6 percent, while its stated conviction that the pound would gain against the New Zealand dollar lost 12.5 percent, Bloomberg notes.

In addition, a recommendation to buy currencies of certain fast-growing nations returned just 1.8 percent. So there's plenty to be remorseful about.

The head of FX research Thomas Stolper termed the performance of these featured trades "unsatisfactory." The firm is hoping to wipe the slate clean by closing out these trade recommendations and announcing a fresh slate of trades this week.

It remains to be seen how clients react. They may not want to get burned again. It's fair to say that the Goldman Sachs FX team has stoked concern among clients with wayward recommendations for the better part of the year. Who knows? Some really unhappy people may take the opposite trade.

This is not the first time Goldman has been wrong on a market call. What would be interesting to see is how invested the firm was in its own recommendations. For all we know, they closed out a lot earlier.

For more:
- here's the Bloomberg article

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