Barclays
FX Outlook 2026: Navigating the Turn
LIVE28 November 2025USD bearish
Back to CurrenciesBullish
USD/ZAR
ZAR benefits from commodity ToT, GNU stability, and fiscal improvement. Carry pl
BARC Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
Commodity ToT
GNU stability
Fiscal consolidation
Carry
Valuations
All Firm Targets (Dec '26)
JPMBullish16.25
INGBullish16.25
BARCBullish16.10
GSBullish16.00
MUFGBullish16.00
BofABullish15.80
MSBullish15.75
DBStrongly Bullish15.50
Analysis Summary
ZAR benefits from commodity ToT, GNU stability, and fiscal improvement. Carry plus capital appreciation potential. USD/ZAR to 16.10.