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May 21 - 06:55 PM

Goldman Sachs: Limited Scope for New USD Shorts in Current FX Environment

By eFXdata  —  May 21 - 02:45 PM


Goldman Sachs discusses the current foreign exchange landscape, highlighting the challenges in advocating for new USD shorts following recent developments with the Fed and CPI data.

Key Points:

  • Market Dynamics: Recent data and Federal Reserve actions have blurred the clear divergence in monetary policy that had previously supported a bearish USD outlook.
  • Carry Trade Interest: There is a renewed interest in carry trades, indicating a shift in market sentiment towards holding currencies with higher yields.
  • Strategists' View: Goldman Sachs strategists see limited potential for further pressing USD shorts, given the current market conditions.
  • Trading Position: The current positioning in various currency pairs makes it challenging to recommend initiating new USD shorts.


In light of recent economic indicators and central bank activities, Goldman Sachs advises caution against establishing new USD short positions. The current environment suggests a more complex and less predictable FX market, with limited opportunities for leveraging USD weaknesses.

Goldman Sachs Research/Market Commentary


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