Goldman Sachs note that "the trade-weighted...>

FOREX: Goldman Sachs note that "the trade-weighted US Dollar gained over the

past week but generally has remained within a narrow range since early-April. We

think the lack of direction reflects the fact that investors are grappling with

a number of sources of macro uncertainty, including the outlook for COVID-19

infection rates post-reopening, the implications of government borrowing over

the short- and long-term, the potential for economic "scarring" due to the depth

of the recession and slow expected rebound in certain industries, and the

ongoing deterioration in US-China relations. In our view the Dollar will likely

remain stuck around current levels until these uncertainties are resolved-over

the short-term, medical news in particular should be considered a source of both

upside and downside risk to USD. We continue to encourage investors to use FX

markets to hedge identifiable risks (e.g. EUR/CHF shorts for fiscal stress in

Europe, USD/CNH longs for US-China tensions, and USD/JPY shorts for broad

macroeconomic risks) and to express views on cross-country differentiation (e.g.

long NOK/SEK, long AUD/NZD, and long KRW vs THB)."