Barclays
FX Outlook 2026: Navigating the Turn
LIVE28 November 2025USD bearish
Back to CurrenciesModerately Bearish
USD/USD
Moderately bearish USD -- the turn is underway but will be gradual. US growth re
Key Drivers
Fed easing cycle
Twin deficit headwinds
US growth resilience
European fiscal stimulus
Global rebalancing
All Firm Targets (Dec '26)
Analysis Summary
Moderately bearish USD -- the turn is underway but will be gradual. US growth resilience limits downside vs more aggressive calls. DXY 95.0 target reflects measured depreciation. Selectivity key in choosing USD shorts.