Goldman Sachs expects the dollar to decline to its lowest level...

Goldman Sachs expects the dollar to decline to its lowest level...
Goldman Sachs expects the dollar to decline to its lowest level...
(MENAFN – Youm7) The American investment bank (Goldman Sachs) expected the US dollar to decline to its lowest level since 2018, with the growing chances of the Democratic candidate John Biden winning the US presidential seat, and positive developments regarding the availability of a vaccine to treat patients with the emerging Corona virus.

The bank stated – in a research note reported by the American (Bloomberg) agency on its website today, Monday, that the scenario closest to occurring would lead to a weak dollar, which is John Biden coming to power and the availability of a vaccine against Corona, so that the green currency would fall to 2018 levels, the lowest of 89 points. While the positive scenario for the dollar has become less likely now, which is President Donald winning a second presidential term and delaying the production of a vaccine to treat Corona patients.

(Goldman Sachs) advises investors to buy the euro and the Canadian and Australian dollars against the US dollar. The bank also maintained its positive outlook on the performance of the Chinese yuan supported by non-hedging Chinese government bonds .. Thus, Goldman Sachs joins the UBS investment group to manage Assets and the investment bank Investco in their estimates of the dollar’s ​​weakness with the increased chances of Biden winning against his rival US President Donald Trump, and recommended banks to sell the dollar against a basket of currencies, including the Mexican peso, the South African rand and the Indian rupee.

For its part, Bloomberg reported that the dollar index, which measures the performance of the US currency against a basket of major currencies, has fallen 3% since the beginning of this year 2020, as investors interact with the unprecedented monetary stimulus measures and the record low interest rates approved by the US Federal Reserve. In order to support the economy in the face of the spread of the Corona epidemic.

The results of a recent opinion poll, conducted by the American “CNN” news network, showed that the Democratic candidate for the US presidency, Joe Biden, was 16 percentage points ahead of his rival, US President Donald Trump, and that 57% of the participants would vote for Biden, while 41% of the sample will vote. Polled for Trump.


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