Strategists Robin Brooks and Michael Cahil at Goldman Sachs
.
As Exhibit 1 shows, even though the data were a material disappointment
– they registered -10 on our proprietary MAP score (horizontal axis) –
the Dollar rose marginally in the minutes after the release (vertical
axis), a testament to just how low expectations have fallen with respect
to US growth and the Fed. This corroborates the CFTC’s Commitment of
Traders report, which shows that short Dollar positioning is now the
most sizeable since early-2013 (Exhibit 2).