Via a GS note overnight on the Fed and USD - not looking for as deep cuts from the FOMC as the market is expecting
- GS expect another 50bp of rate cuts
- expects the USD to weaken over the medium-term
- but downside will likely be limited in near term - modest move higher against Asian EM currencies and EUR
- USD still seen as a 'haven' - will limit downside
- Path ahead depends on the relative growth and policy outlook -- and we should get clearer signs on both in the next month or two
