Goldman on their general view of the USD as well as a few points on Jackson Hole this week:
Base case: USD likely to depreciate as US growth no longer justifies its high valuation; softening labor market reinforces this view.
Jackson Hole: Expect similar to last year—officials outline scope to ease without firm commitments but those hoping for explicit policy signals may be disappointed.
Rates: Incoming data and Fed speak suggest more room to run in front-end rates, and their house view is for three 25bp cuts.
Macro implication: Lower 'breakeven' payrolls and tighter labour supply imply weaker potential growth and a lower short-term neutral rate, which should both be negative for the USD.
Inflation: Recent prints (including PPI) point to consumer prices not constraining policymakers; PPI mainly highlights a volatile, uncertain operating backdrop for firms.
FX momentum: Recent USD downside came in quiet markets and from foreign drivers, showing path of least resistance is lower.
This article was written by Arno V Venter at investinglive.com.Hence then, the article about goldman expects further usd depreciation due to economic performance was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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