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The dollar is ready for a new rise in 2023 – Goldman Sachs

Goldman Sachs analysts offer their outlook on the US dollar for 2023, noting that they see margin for a new upward movement of the dollar before topping out.

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The dollar still has a lot going for it. US activity and labor markets are proving resilient, and based on our modal path, the US economy is likely to avoid recession. However, increasing financial stability, the mortgage market and concerns about recession in many other parts of the world mean that other global central banks may find it difficult to keep up with the Fed.”

“There are risks on both sides. We may have to wait longer for a turnaround in the dollar if we head straight into a US recession. and there is a marked worsening of the risk-taking environment.”

“On the other side, An early end to Chinese zero-Covid policies, in line with recent price signals and action, or an unexpected easing of Russia-Ukraine tensions would likely set in motion macro and market dynamics that could contribute to an earlier turn of the dollarby fostering a better environment for global growth and risk assets.”

Source: Fx Street

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