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- “Given the relatively light data calendar, we think it will be difficult for the market to find much comfort ahead of Chair Powell’s testimony in a couple weeks, ahead of the blackout period. However, if data show some mean reversion and the policy path becomes more tethered, then we think we are likely approaching the limits of the US-side of this market correction,” GS notes.
- “To capture our 3m EUR/USD target of 1.02 will likely require some reassessment on the other side of the cross as well,” GS adds.
That GS view is light on detail ….