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Goldman FX strategists are sticking with their pro-risk USD short recommendations for 3 reasons.
1. monetary and fiscal policy will likely be responsive to a further deterioration in US growth, which may support
2. the fact that near-term growth risks are most acute for the US may mean the Dollar can weaken even if equity and commodity markets move sideways or moderately lower
3. fund flows are now showing rotation into EM FX, and we would be reluctant to back away from USD shorts with that important tailwind now in place.
Chart: dollar at huge technical levels, make or break here.