It's The Flows, Stupid! Goldman Outlines FX Landscape For Continued Dollar Depreciation

With the dollar trading a three-year lows, and consensus growing shorter and shorter the greenback, Goldman Sachs FX analysts Kyra Wang frames the current FX landscape below, highlighting the ongoing expectation for dollar weakness, but also admitting that options traders have slipped the tails of a more extreme dollar depreciation waterfall in the short term.