Goldman Sachs warns: Non-farm payroll data may trigger a new round of weakness for the US dollar, with the euro and yen expected to benefit

Goldman Sachs' analysis team warns that if the U.S. non-farm payroll data for June weakens more than expected, it will directly affect the exchange rate of the U.S. dollar against the euro and the yen, potentially triggering a new round of depreciation for the dollar. The market's expectations for the Federal Reserve to shift to a loose monetary policy will intensify, diminishing the dollar's safe-haven attributes and leading to a decline in short-term Treasury yields. Even if the data is not extremely weak, the dollar may still experience a moderate depreciation, benefiting emerging market assets, especially the renminbi exchange rate. Goldman Sachs believes that the June employment report will be a key test for the dollar's trend