Analysts share the most bearish forecast in the past 20 years for the US dollar! According to CNBC estimates, the greenback is expected to extend its weakness over the next 12 months. The ongoing slide is proving hard to stop. The number one reserve currency is facing a harsh fate.

The current fall of the US dollar has become a major headache for central banks around the world. Uncertainty surrounding the future policies of the White House is adding fuel to the fire. In this environment, experts have observed a massive outflow of investors from both the dollar and US Treasury bonds. Analysts estimate that the dollar index (DXY) has already plunged by more than 9% this year. According to Bank of America, more than half of the respondents (61%) forecast further weakness in the US dollar over the next 12 months. This is the most pessimistic outlook among major investors in two decades.

However, many currencies, such as the yen, euro, and Swiss franc, have taken advantage of the situation and asserted their strength against the greenback. Since the beginning of the year, the yen has gained more than 10% against the USD, while the euro and Swiss franc have appreciated by nearly 11%. The Mexican peso has risen by 5.5%, the Canadian dollar by 4%, and the Polish zloty by 9%. The Russian ruble has been acknowledged as the best performer, jumping by 22%.

Some currencies, on the other hand, have depreciated a lot. These include the Vietnamese dong and Indonesian rupiah, both of which have slumped to record lows against the dollar. As for the Turkish lira, it hit an all-time low just last week.

Meanwhile, the US dollar continues to lose ground across the board. At one point, the DXY plunged to 97.92 points, and this may not be the bottom.