Goldman Sachs: Dollar ‘strong but erratic’ in 2026, seen weakening in 2027

The value here is less the direction than the shape of the call: a firm but erratic dollar through 2026, softening only in 2027. That two-phase framing matters for anyone holding dollar-sensitive exposure, from emerging-market borrowers to commodity and crypto markets that often trade as dollar mirrors. The absence of forecast levels leaves the thesis qualitative, so its weight rests on Goldman's credibility rather than on reproducible numbers. Whether the erratic characterization proves more telling than the eventual softening is the open question.