GS Morning Market Update

Latest edition · July 28, 2026

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

This report covers market updates on oil supply risks, USDJPY options strategy, Korean equity volatility, and RBA policy sentiment regarding AUD inflation.

Goldman Sachs research highlights the impact of Red Sea disruptions on oil markets and significant turbulence in the Korean equity market driven by tech-sector concerns. FX strategy focuses on USDJPY calls ahead of the Fed meeting, while the AUD outlook reflects an incrementally dovish RBA stance and lower-than-expected inflation risks.

Key takeaways from the latest edition

• 1.Oil markets face conflicting pressures from Persian Gulf de-escalation and ongoing Red Sea threats to Saudi infrastructure.
• 2.Korean equities face significant pressure from concerns over circular AI financing and Chinese memory supply, impacting local rates and FX.
• 3.The RBA is perceived as incrementally dovish following Governor Bullock's comments regarding housing and labor market easing.

What this series covers

• COMMODITIES RESEARCH
• FX OPTIONS TRADING
• Korea Update
• GS Webcast Today
• GS FX MARKET STRATS
• AUD ECON

Edition archive

• 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: 1) US Econ on CPI & Waller, 2) FX Gamma over CPI, 3) Natural Gas Tighter Than Crude Oil & 4) Rich Privorotsky’s Risk View

  July 14, 2026

• GS MORNING: 1) Oil Tracker, 2) FX Trader Call Takeaways, 3) Cheap FX Convexity, 4) EURHUF Update and 5) CNH Update

  July 9, 2026

• GS MORNING: 1) FX Trader Call Details, 2) KRW Outperformance, 3) Tony P’s Latest , 4) RBNZ Recap and 5) Dom Wilson Webcast on Macro Vol

  July 8, 2026

• *GS MORNING 1) Adam Crook’s Weekend Mail – Equity Views

  July 7, 2026

• GS MORNING: 1) Connecting You to GS, 2) USD Forecast Adjustments, 3) More JPY Weakness to Come and 4) Week Ahead Previews

  July 6, 2026