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FOREX: Goldman Point To Better Entry Points In USD & Vol. After Pullback

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Goldman Sachs note that “the USD and FX vol. both sold-off in response to the lack of clear Trump day 1 tariff news, though it’s difficult to separate out how much of that move is a partial unwind of USD-long positioning, and how much is a more durable market reassessment of tariff risks.”

  • They have recently argued that “while the pockets of the market that had built-in more aggressive tariff timelines may be disappointed on day one, it will pay to be patient on the USD-positive tariff impact this year.”
  • As a result, they suggest that “this week’s moves both in USD spot, and in broad FX vol. offer better entry points for a view of a gradual but ultimately meaningful Dollar impact.”
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Goldman Sachs note that “the USD and FX vol. both sold-off in response to the lack of clear Trump day 1 tariff news, though it’s difficult to separate out how much of that move is a partial unwind of USD-long positioning, and how much is a more durable market reassessment of tariff risks.”

  • They have recently argued that “while the pockets of the market that had built-in more aggressive tariff timelines may be disappointed on day one, it will pay to be patient on the USD-positive tariff impact this year.”
  • As a result, they suggest that “this week’s moves both in USD spot, and in broad FX vol. offer better entry points for a view of a gradual but ultimately meaningful Dollar impact.”