TechFlow News, February 20: According to JINSHI Data, Robin Brooks, former Goldman Sachs strategist, believes the decade-long trend of the U.S. dollar strengthening on better-than-expected U.S. monthly nonfarm payrolls data is coming to an end—a shift he describes as a “regime change.” Traders will now sell the dollar when U.S. labor market data proves strong. He notes that markets expect the Federal Reserve to cut rates; if the Fed adopts a policy aimed at capping long-term nominal yields, robust nonfarm payroll data could lower real yields, diminish the attractiveness of U.S. assets, and ultimately weaken the dollar. Brooks added: “Markets may harbor skepticism toward Trump’s policies, given their volatility and unpredictability. The Fed has also faced repeated attacks”—a reference to President Trump’s repeated calls for the central bank to cut rates. He continued: “All these moves are geared toward lowering interest rates, and I believe this is precisely what the market is subconsciously factoring in.”
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