Goldman Sachs: We’re closing two of our long-dollar ‘top trades’

After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.

• Apr 19, 2017Goldman Sachs dumps dollar as reflation trade retreats - Asia Times+0.2%
• Apr 19, 2021Goldman Sachs backs the euro as the dollar hits two-month lows-0.3%
• Oct 22, 2020Goldman Sachs: Commodities bull market ahead on dollar, inflation risk+0.8%
• Apr 30, 2025Foreign demand for US assets will wane unless the dollar slides more: Goldman Sachs-0.5%
• May 19, 2017USD: Expect the strong trend to fade – Goldman Sachs — Octa-0.8%

After 388 past bullish macro events, Euro (USD per EUR) moved a median +0.3% over 5 sessions (62% higher; middle half -0.4% to +1.1%), and +0.1% over 20.

• Apr 19, 2021Goldman Sachs backs the euro as the dollar hits two-month lows+0.7%
• Aug 27, 2020Euro-Dollar Can Pass 1.20 withouth Drawing ECB Ire says Goldmans+0.2%
• Feb 11, 2021Dollar slides near two-week lows as Fed pledges low rates-0.4%
• Jan 27, 2026Dollar sinks to four-year low, Trump brushes off the decline | Reuters-0.7%
• Aug 31, 2021US dollar at 3-week lows as traders await tapering clues - The Business Times+0.5%

After 362 past bearish macro events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (42% higher; middle half -0.4% to +0.1%), and -0.2% over 20.

• May 6, 2025Goldman Sachs expects USD/CNY to decline further-0.9%
• Jul 26, 2024Yuan Snaps Losing Streak as Dollar Loses Ground - Caixin Global+0.2%
• Jan 5, 2017China's Offshore Yuan is Bossing the US Dollar Around Today+0.1%
• Nov 20, 2023Dollar stumbles to over two-month low as markets eye Fed cuts-0.8%
• Dec 28, 2017China's yuan rises on US dollar weakness, on track for best year since 2008 - Times of News-1.0%