Goldman Sachs
Global FX Strategy 2026
LIVE10 January 2026USD bearish
FX Forecasts
Goldman Sachs exchange rate forecasts vs U.S. Dollar — Dec 2026 targets
Total Currencies
18
17 bullish / 1 bearish
Avg GS Gain
+5.4%
Most Bullish
HUF
+10.7%
Most Bearish
TRY
-15.1%
Forecast Gain vs Spot (%)
Dec 2026 target vs current spot — sorted by conviction
Target Distance from Live Rate
How far each Dec '26 target is from the current live rate
Loading live rates...
YTD Performance vs Forecast Gain
Currencies in top-right quadrant: momentum + conviction aligned
Regional Conviction Profile
Bullish % and average gain by region
Forecast Gain Distribution
How GS gains are distributed across currencies
| Currency | Rev | Region | Direction | Status | Spot | Live | Trend | Mar 26 | Jun 26 | Sep 26 | Dec 26 | GS Gain | vs Fwd | vs Cons | YTD | 12M |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HUF | — | EMEA | Buy HUF | -- | 332 | 320 | 310 | 305 | 300 | +10.7% | +13.8% | +9.4% | +19.7% | +19.0% | ||
| PLN | — | EMEA | Buy PLN | -- | 3.67 | 3.55 | 3.45 | 3.4 | 3.35 | +9.6% | +10.1% | +6.1% | +12.4% | +13.3% | ||
| AUD | — | G10 | Buy AUD | -- | 0.64 | 0.66 | 0.68 | 0.69 | 0.7 | +9.4% | +9.5% | +2.9% | +4.2% | -0.8% | ||
| EUR | — | G10 | Buy EUR | -- | 1.15 | 1.18 | 1.21 | 1.23 | 1.25 | +8.7% | +6.8% | +3.2% | +11.3% | +10.7% | ||
| ZAR | — | EMEA | Buy ZAR | -- | 17.31 | 17 | 16.5 | 16.25 | 16 | +8.2% | +11.6% | +6.8% | +8.6% | +4.6% | ||
| NOK | — | EMEA | Buy NOK | -- | 10.25 | 10 | 9.75 | 9.6 | 9.5 | +7.9% | +8.2% | -0.5% | +11.0% | +7.9% | ||
| SEK | — | EMEA | Buy SEK | -- | 9.54 | 9.3 | 9.1 | 9 | 8.9 | +7.2% | +5.3% | -0.7% | +15.9% | +15.7% | ||
| NZD | — | G10 | Buy NZD | -- | 0.56 | 0.57 | 0.58 | 0.59 | 0.6 | +7.1% | +5.5% | -1.0% | +0.1% | -4.0% | ||
| KRW | — | Asia | Buy KRW | -- | 1477 | 1450 | 1420 | 1400 | 1380 | +7.0% | +5.4% | -2.5% | -0.3% | -4.8% | ||
| CHF | — | EMEA | Buy CHF | -- | 0.81 | 0.8 | 0.78 | 0.77 | 0.76 | +6.6% | +2.5% | +3.8% | +12.2% | +10.7% | ||
| JPY | — | G10 | Buy JPY | -- | 157 | 155 | 152 | 150 | 148 | +6.1% | +3.2% | +2.8% | +0.2% | -1.3% | ||
| MXN | — | Americas | Buy MXN | -- | 18.44 | 18.2 | 18 | 17.8 | 17.5 | +5.4% | +10.0% | +8.0% | +12.9% | +10.8% | ||
| CAD | — | G10 | Buy CAD | -- | 1.41 | 1.39 | 1.37 | 1.36 | 1.35 | +4.4% | +3.0% | +1.2% | +2.0% | -0.9% | ||
| BRL | — | Americas | Buy BRL | -- | 5.4 | 5.35 | 5.3 | 5.25 | 5.2 | +3.9% | +12.7% | +5.9% | +14.3% | +7.5% | ||
| GBP | — | G10 | Buy GBP | -- | 1.31 | 1.33 | 1.35 | 1.36 | 1.36 | +3.8% | +3.9% | -1.5% | +4.6% | +4.5% | ||
| INR | — | Asia | Buy INR | -- | 89.28 | 88.5 | 87.5 | 87 | 86.5 | +3.2% | +5.8% | +1.7% | -4.1% | -5.4% | ||
| CNY | — | Asia | Buy CNY | -- | 7.11 | 7.05 | 7 | 6.95 | 6.9 | +3.0% | +1.2% | +1.5% | +2.7% | +2.0% | ||
| TRY | — | EMEA | Sell TRY | -- | 42.45 | 44 | 46 | 48 | 50 | -15.1% | +15.3% | +2.8% | -16.7% | -18.6% |
Index Forecasts
DXY
Spot: 100.2
93
-7.2% vs spot