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Goldman Sachs

Global FX Strategy 2026

LIVE10 January 2026USD bearish

Overview Forecasts Trades Currencies Scenarios Technicals Volatility EM Strategy Macro Quant

Currency Views

Goldman Sachs per-currency outlook with bias, key drivers, live rates, and forecast targets

15 currencies shown

EUR/USDQ1: 1.18 → Q4: 1.25

•German fiscal expansion

•EU defense spending

USD/JPYQ1: 155 → Q4: 148

•BOJ rate normalization

•Real yield convergence

↑ Moderately Bullish

GBP/USDQ1: 1.33 → Q4: 1.36

EUR/GBPQ1: 0.887 → Q4: 0.919

•BoE cautious easing

•UK growth resilience

↑ Moderately Bullish

USD/CHFQ1: 0.80 → Q4: 0.76

•Safe haven demand

•SNB cautious stance

AUD/USDQ1: 0.66 → Q4: 0.70

•Commodity terms of trade

↑ Moderately Bullish

NZD/USDQ1: 0.57 → Q4: 0.60

•Growth recovery

•RBNZ near terminal

↑ Moderately Bullish

USD/CADQ1: 1.39 → Q4: 1.35

•BoC near terminal

•USMCA resolution

USD/NOKQ1: 10.00 → Q4: 9.50

•High yield status

•Norges Bank on hold

USD/SEKQ1: 9.30 → Q4: 8.90

•Riksbank easing benefits

•Fiscal expansion

DXYQ1: 97.5 → Q4: 93.0

•Twin deficits

•Fed easing asymmetry

USD/CNYQ1: 7.05 → Q4: 6.90

•PBoC managed appreciation

•Domestic stimulus

USD/KRWQ1: 1450 → Q4: 1380

•Tech cycle recovery

•WGBI inclusion flows

USD/BRLQ1: 5.35 → Q4: 5.20

•High real carry

•Commodity exports

USD/ZARQ1: 17.00 → Q4: 16.00

•Commodity terms of trade

•Political stability (GNU)

USD/MXNQ1: 18.20 → Q4: 17.50

•USMCA resolution

•Nearshoring flows