Barclays
FX Outlook 2026: Navigating the Turn
LIVE28 November 2025USD bearish
Back to CurrenciesModerately Bullish
USD/KRW
KRW to appreciate on WGBI inflows and tech cycle recovery. NPS hedging dynamics
BARC Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
WGBI inflows
Tech cycle recovery
NPS hedging
Local equity flows
All Firm Targets (Dec '26)
JPMNeutral1440.00
INGModerately Bullish1400.00
BARCModerately Bullish1390.00
MUFGModerately Bullish1385.00
GSBullish1380.00
BofABullish1370.00
MSBullish1360.00
DBBullish1350.00
Analysis Summary
KRW to appreciate on WGBI inflows and tech cycle recovery. NPS hedging dynamics shifting favorably. Disconnect between FX weakness and equity strength to resolve with KRW appreciation.