Goldman Sachs International
February 5, 2026
FX Morning Update
Daily UpdateEquitiesFXRates Govt BondsInformation Technology
The US Dollar is regaining safe-haven properties amid a tech-led momentum reversal, while GS Trading builds short GBP positions ahead of a dovish-leaning Bank of England outlook.
Key Takeaways
- 1.The US Dollar is regaining its safe-haven status as market risk-off sentiment shifts from US policy concerns to a tech-momentum reversal.
- 2.GS Trading is tactically building short GBP positions (long EURGBP) ahead of the Bank of England meeting and UK May elections.
- 3.Goldman Sachs expects the Bank of England to be more dovish than current market pricing, forecasting a terminal rate of 3%.
Table of Contents
- USD: Non-US Policy Driven Risk Off, USD Safe Haven Properties Returning
- GBP: Adding GBP Shorts, BoE Preview (12:00 GMT)
- EUR: ECB Preview (13:15 GMT)
- Meme Of The Day
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Authors
Matt Atherton
Securities
NDXDXYUSDJPYEURGBPGSPRHIMO
Themes
Tech Momentum ReversalUK Disinflation and Dovish BoEUSD Safe Haven Return
Regions
North AmericaUKEuropeUnited StatesUnited KingdomJapan