# EUR/USD: Vulnerable to downside risks to Euro Area activity – Goldman Sachs

> Goldman Sachs cut its EUR/USD forecasts to 1.1400 over three months and 1.1600 over six months. The bank said markets will focus on downside risks to euro-area activity unless upcoming preliminary PMIs surprise to the upside. The revision reflects weaker euro-zone growth prospects.

- Date: 2021-11-22 · published 2021-11-22T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/44251-eur-usd-vulnerable-to-downside-risks-to-euro-area-activity-goldman-sachs
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Weaker euro-area activity and a softer euro tend to strengthen the dollar, which can pressure dollar-priced commodities. The impact on feed prices is limited and works mainly through currency channels.

## Read by commodity

- DXY: bullish ▲
- EURUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2021-11-22 | [EUR/USD Forecasts Downgraded On Euro-Zone Covid Stresses: Goldman Sachs](https://feedsoft.ai/events/44250-eur-usd-forecasts-downgraded-on-euro-zone-covid-stresses-goldman-sachs.md) | -0.5% | -0.2% |
| EURUSD | 2019-01-24 | [Dollar rises vs euro as ECB's Draghi warns on downside risks](https://feedsoft.ai/events/61302-dollar-rises-vs-euro-as-ecb-s-draghi-warns-on-downside-risks.md) | +0.2% | -0.4% |
| EURUSD | 2018-05-29 | [EUR/USD Now Eyeing 1.0860 Threshold as Eurozone Breakup Risk Threatens to Scupper ECB Timetable](https://feedsoft.ai/events/65217-eur-usd-now-eyeing-1-0860-threshold-as-eurozone-breakup-risk-threatens-to.md) | +0.3% | +0.2% |
| EURUSD | 2025-08-27 | [EUR/USD slips to 1.1630 as Fed drama fades, France risk grows](https://feedsoft.ai/events/23537-eur-usd-slips-to-1-1630-as-fed-drama-fades-france-risk-grows.md) | +0.2% | +0.7% |
| EURUSD | 2016-11-14 | [EUR USD breaks down to new 2016 low as dollar extends strength](https://feedsoft.ai/events/9135-eur-usd-breaks-down-to-new-2016-low-as-dollar-extends-strength.md) | -2.6% | -2.5% |
| DXY | 2021-11-22 | [EUR/USD Forecasts Downgraded On Euro-Zone Covid Stresses: Goldman Sachs](https://feedsoft.ai/events/44250-eur-usd-forecasts-downgraded-on-euro-zone-covid-stresses-goldman-sachs.md) | +1.2% | +0.7% |
| DXY | 2019-01-24 | [Dollar rises vs euro as ECB's Draghi warns on downside risks](https://feedsoft.ai/events/61302-dollar-rises-vs-euro-as-ecb-s-draghi-warns-on-downside-risks.md) | -0.4% | -0.3% |
| DXY | 2022-09-15 | [Is the US Dollar Too Strong? \| Goldman Sachs](https://feedsoft.ai/events/39759-is-the-us-dollar-too-strong-goldman-sachs.md) | +1.0% | +2.6% |

## Sources

- fxstreet.com: https://www.fxstreet.com/news/eur-usd-vulnerable-to-downside-risks-to-euro-area-activity-goldman-sachs-202111220420

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.