GS Morning

Latest edition · August 13, 2026

GS MORNING 1) US CPI Recap, 2) FX Trader Call Takeaways, 3) Asia FX Update and 4) GS Space Webcast Today

July US Core CPI rose 0.22% MoM, supporting expectations that the Federal Reserve will remain on hold through year-end. In FX, the USD remains underpinned by carry, terms of trade, and AI CapEx flows, while Asian central banks fine-tune liquidity and intervene against corporate hedging pressures.

This Goldman Sachs morning recap details recent US inflation data and key global macro/FX developments. Core CPI printed at 0.22% in July with core PCE projected at 0.23%, keeping the Fed on hold through year-end. In FX markets, USD downside is limited by energy terms-of-trade, AI-driven capital flows, and carry trade demand. Regional updates highlight PBoC's operational addition of mid-month overnight reverse repos, ongoing corporate hedging pressuring the INR despite foreign inflows and RBI intervention, and continued corporate USD fixing supply in Korea.

Key takeaways from the latest edition

• 1.US core CPI printed at 0.22% MoM in July, while core PCE is estimated at 0.23% MoM, supporting GS's expectation that the Fed will remain on hold in September and through year-end.
• 2.USD reaction to macro surprises remains constrained, but terms-of-trade, AI CapEx flows, and carry setups continue to limit downside for the US dollar.
• 3.PBoC introduced mid-month overnight reverse repo operations capped at RMB600bn, viewed as neutral short-term liquidity management rather than a hawkish shift.

What this series covers

• 1) US ECONOMICS (MERICLE) – CPI Recap & PCE Estimate
• 2) FX Trader Call Takeaways
• 3) Asia FX Update
• 4) GS Webcast Today @ 19:15PM BST – Spotlight on Space: The Orbital Opportunity Lifts Off

Edition archive

• GS MORNING 1) US CPI Recap, 2) FX Trader Call Takeaways, 3) Asia FX Update and 4) GS Space Webcast Today

  August 13, 2026

• GS MORNING: 1) US CPI Recap, 2) FX Trader Call Takeaways, 3) Asia FX Update and 4) GS Space Webcast Today

  August 13, 2026

• GS MORNING 1) JPY and Intervention Call Takeaways 2) FX Correlation Themes 3) Jan Hatzius’ Latest 4) Weekend Macro Call Key Quotes and 5) China Energy Deman

  August 4, 2026

• GS MORNING 1) Oil Tracker, 2) USDJPY Topside, 3) Korea Update, 4) Just The Charts and 5) AUD CPI Preview

  July 28, 2026

• GS MORNING

  July 15, 2026

• GS MORNING - Adam Crook

  June 18, 2026