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Barclays

FX Outlook 2026: Navigating the Turn

LIVE28 November 2025USD bearish
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USD/HUF

HUF carry attractive but April election risk requires caution. Use options for d

Moderately Bullish

BARC Forecast Path

Cross-Firm Forecast Comparison

Key Drivers

High carry
April election risk
Valuations
Central bank support
CEE recovery

All Firm Targets (Dec '26)

JPMBullish308.00
ING305.00
BARCModerately Bullish300.00
GS300.00
MUFG298.00
MS295.00
BofABullish292.00
DBBullish288.00

Analysis Summary

HUF carry attractive but April election risk requires caution. Use options for defined-risk exposure. EUR/HUF targeting 300 post-election.

FX BANK FORECAST · COVERAGE

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