Morning Market Update

Latest edition · August 3, 2026

GS MORNING 1) JPY - Intervention Zoom Today 2) JPY Update 3) Thoughts From The Floor 4) FX Trader Bullets and 5) Week Ahead Previews

This report covers the latest coordinated JPY intervention, provides tactical long-carry trades in Latam FX, and outlines expectations for the week ahead.

Goldman Sachs provides a briefing on the latest JPY market intervention, noting a new 'maximalist' approach with US support. The report also highlights a tactical opportunity in Latam currencies (MXN, BRL) as global positioning resets. Analysts suggest the broader USD trend is currently negative, and provide an outlook for the upcoming week, focusing on key economic indicators like US NFP, ISM data, and central bank policy decisions.

Key takeaways from the latest edition

• 1.Japan has shifted to a 'maximalist' intervention strategy with US coordination to support the Yen.
• 2.Broader USD outlook remains negative following the recent Yen move and potential loss of Fed inflation-fighting credibility.
• 3.Tactical recommendation to buy carry in Latam FX (MXN, BRL) given reduced volatility and exhausted positioning in macro/equities.

What this series covers

• JPY & Intervention
• FX Options Trading
• Connecting You to GS: Thoughts from The Floor
• Global FX Trader: Policy Pushback
• Week Ahead Previews

Edition archive

• GS MORNING 1) JPY - Intervention Zoom Today 2) JPY Update 3) Thoughts From The Floor 4) FX Trader Bullets and 5) Week Ahead Previews

  August 3, 2026

• GS MORNING: 1) CPI Preview, 2) Momentum Unwind?, 3) G10 FX Carry Comeback and 4) Views from the Treasury Desk

  July 10, 2026

• GS MORNING 1) BoJ Recap

  June 16, 2026

• GS MORNING 1) RBA Call Change, 2) FOMC Minutes, 3) HUF Update, 4) FX Trader Call Takeaways and 5) NOK Oil Proposition

  May 21, 2026