The U.S. dollar shed nearly 10% in 2025, then reversed sharply in 2026. For Black operators across the U.S., Africa, and the Caribbean, that whiplash — not just the decline — is the balance-sheet event.
The U.S. dollar index (DXY) shed nearly 10% of its value against major peers in 2025 — its worst annual performance since 2017.
The depreciation came in sharp, disorienting bursts:
That decline did not continue.
The dollar bottomed near 95.5 on the DXY in late January 2026 and has since rallied roughly 5-6%, touching a 13-month high of approximately 101.8 in late June 2026 and holding near 101 as of late July 2026.
Analysts attribute the reversal to resilient U.S. growth data, a repricing of Fed expectations from rate cuts toward a possible hike, hotter-than-expected inflation prints, and continued global appetite for U.S. Treasuries as the deepest and most liquid safe-haven market on earth.
EUR/USD, which many banks had forecast reaching $1.20 by year-end 2026, has instead pulled back to roughly $1.14–1.15.
