I recently read a survey report from Reuters, which was quite interesting. The performance of the US dollar in 2025 has indeed been poor, with a decline of nearly 10%, marking the weakest level in almost 9 years.

Let's take a look at market expectations. On the euro side, analysts set their mid-year target at 1.19, with expectations to reach 1.20 by the end of the year. It seems the dollar still has a tough road ahead.

The interesting part is the attitude of participants. The survey shows that only 17% of analysts are bearish on the euro, indicating that the market still has confidence in the euro. More importantly, nearly 90% of strategists believe that the net short positions on the dollar will continue or even increase—in other words, everyone is betting on the dollar to continue weakening.

This trend seems unlikely to change in 2026. Overall, the US dollar index faces significant pressure, which is worth noting for traders holding dollar positions or monitoring exchange rate movements.