Wall Street pros are as baffled as anyone by the dollar’s fate

Wondering where the dollar’s headed as the U.S. deficit keeps growing? Wall Street’s also trying to figure it out.

Goldman Sachs Group Inc. sees echoes of one of the weakest periods in the greenback’s recent history. Meanwhile, Morgan Stanley thinks it could actually strengthen.

A swelling U.S. current-account deficit is once again a hot debate in the currency market, with implications across asset classes. The gap is the widest since 2008 as a percentage of the economy, and it’s only growing as the U.S. outpaces much of the world in rebounding from the pandemic. The upshot is that more and more dollars are flowing into foreign hands, to

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