Goldman Sachs Research analysts expect the U.S. dollar to continue declining in 2026, though at a slower pace than in previous periods. According to financial analyst Andrey Chebotarev, writing on his Telegram channel, this trend reflects the U.S. economy no longer serving as the undisputed global leader.
The dollar is currently near a cyclical low, as the U.S. economy shows neither signs of a severe downturn nor evidence of strong, accelerated growth.
Looking ahead, much will depend on the performance of other major economies. The euro’s upside potential is expected to be more limited, even as Germany is projected to see an economic recovery driven by increased government spending. In this environment, investors may consider shifting toward procyclical currencies in 2026.
Separately, analysts at Freedom Broker have suggested that the U.S. dollar could fall below 500 tenge in early February, amid upcoming tax payments in Kazakhstan.
