Barclays

FX Outlook 2026: Navigating the Turn

LIVE28 November 2025USD bearish

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USD/MXN

Name: Investment Bank FX Research Directory
Creator: FX Bank Forecast
License: https://fxbankforecast.com/terms
Keywords: bank FX research, investment bank reports, FX strategy, institutional research directory, bank forecasts

MXN benefits from carry and nearshoring but USMCA uncertainty caps gains. Prefer

Moderately Bullish

BARC Forecast Path

Cross-Firm Forecast Comparison

Key Drivers

Carry appeal

Nearshoring

USMCA uncertainty

USD weakness

Fiscal stability

All Firm Targets (Dec '26)

JPMBullish18.25

INGBullish17.80

BARCModerately Bullish17.70

GSBullish17.50

MUFGBullish17.50

MSBullish17.40

BofABullish17.30

DBBullish17.20

Analysis Summary

MXN benefits from carry and nearshoring but USMCA uncertainty caps gains. Prefer via JPY-funded carry. USD/MXN to 17.70.

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Aggregated year-end forecasts, scenario shifts, and curated analyst notes from eight institutional desks. No promotion.