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The Eurozone's preliminary services PMI for August was 51.7, below the expected 51.5 and the previous reading of 51.7.
2026-08-21
The Eurozone's preliminary services PMI for August was 51.7, below the expected 51.5 and the previous reading of 51.7.
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2026-08-21
NZD/USD up 0.5% at 0.5973.
NZD/USD up 0.5% at 0.5973.
2026-08-21
Rich Privorotsky, head of Goldman Sachs' One Delta, pointed out that AI and momentum trading experienced significant volatility over the past 48 hours, with Goldman Sachs' GSPUMOMO momentum portfolio falling by nearly 7%. However, Goldman Sachs Prime
Rich Privorotsky, head of Goldman Sachs' One Delta, pointed out that AI and momentum trading experienced significant volatility over the past 48 hours, with Goldman Sachs' GSPUMOMO momentum portfolio falling by nearly 7%. However, Goldman Sachs Prime data shows a much more moderate shift in positioning: momentum exposure is currently near neutral, with investors recently increasing net exposure rather than total leverage. This is particularly important because the market underwent a significant deleveraging process in July. While investors still maintain considerable exposure to AI and semiconductors, it is significantly lower than previous peak positioning levels. Semiconductor internal leverage has decreased, but some inventory remains in the system, making it susceptible to passive liquidation and forced selling should prices fall rapidly. Therefore, the recent sharp rises and falls in AI stocks may have been further amplified by the relatively low market liquidity in August. Intraday price performance may appear "fundamental," but it may not correspond to a proportional change in fundamentals. At this stage, it is more appropriate to continue observing total leverage, Prime positions, and semiconductor fund flows to determine whether this volatility will evolve into a broader deleveraging process.
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