Goldman Sachs President John Waldron said a recent lightening up of U.S. dollar assets by investors had shown them returning to more neutral positions on the currency, rather than a wholesale "run for the gates.

In a new note titled “What to do after the rally,” Goldman Sachs global equity strategist Peter Oppenheimer poses that pertinent question for investors now that the swift gains from a relief rally have been made.

Goldman Sachs President John Waldron says the recent dip in investors’ U.S. dollar holdings is a move back to normal levels, not a mass exit from American assets.