11 April 2025 | 7:12PM BST Global FX Trader Dollar Wreckoning Our Thoughts on USD, JPY, CNY, Flows, GBP, EM FX, AUD & CAD, and KRW n USD: Rates up, Dollar down? That's not exceptional. Last week, we revised our Dollar outlook as we flipped our view about how tariffs would impact the currency, and developments since then have raised our conviction in this view. Specifically, we think that the design and implementation of these tariffs should have a negative impact on the currency because they have contribute ...

11 April 2025 | 10:22PM BST Precious Comment: Upgrading Our Year-End Gold Price Forecast to $3,700/toz; Hedge Recession Risk With Gold Lina Thomas +44(20)7051-3062 | lina.thomas@gs.com Goldman Sachs International We Raise Our Forecast to $3,700/toz With a Projected Range of $3,650-3,950/toz On Stronger Central Bank Demand And the Boost From Increased Recession Risk to ETF Inflows Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & Co. LLC Investors should consider this report as only a sing ...

US Sector Views 10 April 2025 | 5:30PM EDT Our sector model's updated recommendations are selectively defensive Ryan Hammond +1(212)902-5625 | ryan.hammond@gs.com Goldman Sachs & Co. LLC David J. Kostin +1(212)902-6781 | david.kostin@gs.com Goldman Sachs & Co. LLC Ben Snider +1(212)357-1744 | ben.snider@gs.com Goldman Sachs & Co. LLC Jenny Ma +1(212)357-5775 | jenny.ma@gs.com Goldman Sachs & Co. LLC Daniel Chavez +1(212)357-7657 | daniel.chavez@gs.com Goldman Sachs & Co. LLC Kartik Jayachandran +1(212)855-7 ...

Global Markets Comment: Too Early for the "All Clear" (Wilson/Chang) 10 April 2025 | 11:38AM EDT Too Early for the "All Clear" Yesterday's reversal on trade policy capped a dramatic week in markets. We have consistently argued that a reversal in the proposed tariffs was by far the most direct route to stabilizing markets. With signs of stress emerging in the US Treasury market emerging on Tuesday, that relief arguably prevented an acceleration in the market turmoil. Investors should consider this report as ...

9 April 2025 | 12:14PM EDT US Daily: 5 Questions on the Near-Term Outlook for Trade and Fiscal Policy (Phillips) Jan Hatzius +1(212)902-0394 | jan.hatzius@gs.com Goldman Sachs & Co. LLC Alec Phillips +1(202)637-3746 | alec.phillips@gs.com Goldman Sachs & Co. LLC David Mericle +1(212)357-2619 | david.mericle@gs.com Goldman Sachs & Co. LLC Ronnie Walker +1(917)343-4543 | ronnie.walker@gs.com Goldman Sachs & Co. LLC Manuel Abecasis +1(212)902-8357 | manuel.abecasis@gs.com Goldman Sachs & Co. LLC Elsie Peng +1( ...

9 April 2025 | 2:10PM EDT MAIN POINTS: Jan Hatzius +1(212)902-0394 | jan.hatzius@gs.com Goldman Sachs & Co. LLC Alec Phillips +1(202)637-3746 | alec.phillips@gs.com Goldman Sachs & Co. LLC David Mericle +1(212)357-2619 | david.mericle@gs.com Goldman Sachs & Co. LLC Ronnie Walker +1(917)343-4543 | ronnie.walker@gs.com Goldman Sachs & Co. LLC Manuel Abecasis +1(212)902-8357 | manuel.abecasis@gs.com Goldman Sachs & Co. LLC Elsie Peng +1(212)357-3137 | elsie.peng@gs.com Goldman Sachs & Co. LLC USA: President Tr ...

10 April 2025 | 12:48PM HKT China: US tariffs on China jump to 125%; Lowering real GDP growth forecasts Bottom line: On April 9th, President Trump announced a further increase in the tariff rate on imports from China to 125%, following the Chinese government's increase of tariffs on US goods to 84%. Although additional tariff increases are likely to have a diminishing marginal impact, the substantial rise in US tariffs on China is expected to significantly weigh on the Chinese economy and labor market. We a ...

9 April 2025 | 12:17PM EDT Global Markets Daily: Making Sense of the Moves in Treasury Yields (Zu/Marshall) Making Sense of the Moves in Treasury Yields Amid rising recession risks and the sharp drawdown in risk assets, the breakdown in the typical relationship of lower yields and lower risk assets in these risk-off periods has become increasingly extreme. In today's Daily, we assess the drivers of this relative weakness in Treasuries. Taking a very high level view, it is first worth noting that, while the ...

8 April 2025 | 9:32PM HKT China: Incremental GDP impact from potentially another 50% Trump tariff Bottom line: China's retaliatory tariff of 34% on US goods, a response to US "reciprocal" tariffs, triggered a threat from President Trump to impose an additional 50% tariff if China does not withdraw its retaliatory tariff. Further statements from the Chinese government point to escalating trade tensions. Our analysis suggests an initial 50% tariff (which is roughly how much President Trump has imposed on Chin ...

7 April 2025 | 11:00PM EDT Oil Comment: How Low Could Oil Prices Go? Yulia Zhestkova Grigsby +1(646)446-3905 | yulia.grigsby@gs.com Goldman Sachs & Co. LLC Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & Co. LLC Callum Bruce, CFA +1(212)902-3053 | callum.bruce@gs.com Goldman Sachs & Co. LLC Ephraim Sutherland +1(972)368-0395 | ephraim.sutherland@gs.com Goldman Sachs & Co. LLC Investors should consider this report as only a single factor in making their investment decision. For Reg AC ce ...