Barclays
FX Outlook 2026: Navigating the Turn
LIVE28 November 2025USD bearish
Back to CurrenciesBullish
USD/MXN
MXN benefits from carry appeal, USMCA resolution expectations, and nearshoring i
BARC Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
USMCA resolution
Nearshoring flows
Carry appeal
Clean positioning
All Firm Targets (Dec '26)
JPMBullish18.25
INGBullish17.80
BARCBullish17.70
GSBullish17.50
MUFGBullish17.50
MSBullish17.40
BofABullish17.30
DBBullish17.20
Analysis Summary
MXN benefits from carry appeal, USMCA resolution expectations, and nearshoring investment flows. Positioning is clean after 2025 volatility. Express via short USD/MXN and short CAD/MXN for relative value.