Highlights from GS Research Sales and Trading

Latest edition · August 10, 2026

Highlights from GS Research S&T - 1) NFP Preview 2) JPY Follow-Up Q&A 3) Gold Update 4) HUF Update and 5) The Macro Call

This note provides tactical updates on US employment forecasts, Japanese Yen intervention strategies, and EM FX positioning for Gold and the Hungarian Forint.

Goldman Sachs provides a multi-faceted update covering a potential slowing in the US labor market with nonfarm payrolls estimates of 75k, an analysis of Yen intervention mechanisms through the FIMA facility, and a cautious outlook on gold participation. Additionally, the team highlights ongoing inflation weakness in Hungary, suggesting a short position on PLNHUF while identifying potential catalysts in the fall.

Key takeaways from the latest edition

• 1.US nonfarm payrolls estimated at 75k in July, below consensus of 80k, with unemployment expected to rise to 4.3%.
• 2.Skepticism remains regarding the negative impact of US intervention/FIMA facility on the Dollar's reserve status.
• 3.Hungarian inflation continues to show downside surprises, prompting a short PLNHUF recommendation.

What this series covers

• US ECON (MERICLE) – June CPI Preview
• FX/RATES STRATEGY (CAHILL/MARSHALL) – A Few Follow-Up Questions on Yen Intervention
• Gold Update
• HUF Update

Edition archive

• Highlights from GS Research S&T - 1) NFP Preview 2) JPY Follow-Up Q&A 3) Gold Update 4) HUF Update and 5) The Macro Call

  August 10, 2026

• Highlights from GS Research S&T - 1) NFP Preview 2) JPY Follow-Up Q&A 3) Gold Update 4) HUF Update and 5) The Macro Call

  August 7, 2026

• Highlights from GS Research, Sales, and Trading 1) FX Thematic Baskets, 2) KRW Update, 3) ECB Recap, 4) SARB Recap and 5) Would Fed Hikes Help

  July 27, 2026

• Highlights from GS Research, Sales, and Trading 1) FX Thematic Baskets, 2) KRW Update, 3) ECB Recap, 4) SARB Recap and 5) Would Fed Hikes Help

  July 24, 2026