Goldman Sachs: If the Federal Reserve shifts to a more dovish stance, the dollar may weaken across the board

ChainCatcher message, Goldman Sachs' latest research report points out that if the Federal Reserve shifts to a more dovish stance, four market scenarios will emerge: pure dovish policy shock, decline in growth expectations, coexistence of dovishness and growth decline, and parallel dovishness with growth upturn.

Analysis shows that the decline in U.S. Treasury yields, the strengthening of Euro/Yen/Swiss Franc, and the rise in gold are the most stable trends across all scenarios, while U.S. stock performance is highly dependent on growth prospects. The "dovish + growth upturn" scenario is most favorable for risk assets, but if summer employment and inflation data worsen, it may reignite growth concerns. The market has begun to price in the Federal Reserve's easing policy, but the subsequent trend will be highly dependent on economic data performance.