Global Markets Outlook January 2026 Kamakshya Trivedi Chief FX and EM Strategist Goldmans Sachs International kamakshya.trivedi@gs.com +44-20-7051-4005 Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. This report is intended for distribution to GS institutional clients only. c45a43530f604d12bcb9a82b5aa6b9f6 Global FX—A Pro-Cyclical ...