Is the US dollar facing depreciation pressure? It may decline by 3% in 2026. BRICS currency war heats up.

【Crypto World】The Federal Reserve’s policy shift to easing may make the US dollar less valuable. According to JPMorgan’s forecast, by mid-2026, the US dollar’s depreciation against a basket of currencies could reach about 3%. Two forces are driving this trend: first, although the US economy is still growing and inflation remains sticky, expectations of rate cuts by the Fed have already formed; second, the progress of de-dollarization among the BRICS countries is significant—ranging from increasing the proportion of local currency transactions to establishing payment and settlement systems that bypass the US dollar. These measures are eroding the long-term advantage of the dollar. Especially the high-yield currencies of emerging markets have the largest room for decline. In other words, the major trend of dollar depreciation may indeed be taking shape, which is worth paying attention to for those holding dollar assets and engaging in cross-border payments.