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2026-02-20 07:45:50
[Former Goldman Sachs Strategist: Strong Non-Farm Payrolls Will No Longer Support the Dollar; Institutional Shift Has Arrived] Former Goldman Sachs strategist Robin Brooks recently pointed out that the decade-long trend of the dollar rising based on strong non-farm payroll data is coming to an end, and the market's trading logic has undergone an "institutional shift." He stated that under the expectation of a Fed rate cut and potential nominal yield control policies, better-than-expected employment data may actually lower real yields, weaken the attractiveness of US assets, and thus lead to a weaker dollar. Brooks believes that the market is skeptical of Trump's erratic policies and his continued pressure on the Fed, and the overall policy direction points to lowering interest rates, which is the core of the market's subconscious trading. As evidence of this new logic, the better-than-expected January non-farm payroll report released on February 11 not only failed to boost the dollar but had the opposite effect.
