Goldman Sachs
Global FX Strategy 2026
LIVE10 January 2026USD bearish
Back to CurrenciesBearish
USD/USD
Bearish USD but the downside is 'different' from typical bear cycles. Dollar wea
Key Drivers
Twin deficits
Fed easing asymmetry
Global growth convergence
US structural resilience limits pace
All Firm Targets (Dec '26)
Analysis Summary
Bearish USD but the downside is 'different' from typical bear cycles. Dollar weakness will be selective rather than broad-based - concentrated against EUR, JPY, and commodity FX. Twin deficits, Fed easing asymmetry, and global growth convergence drive the move, but US structural advantages limit the pace of decline.