Barclays
FX Outlook 2026: Navigating the Turn
LIVE28 November 2025USD bearish
FX Forecasts
Barclays exchange rate forecasts vs U.S. Dollar — Dec 2026 targets
Total Currencies
18
17 bullish / 1 bearish
Avg BARC Gain
+4.8%
Most Bullish
HUF
+10.7%
Most Bearish
TRY
-17.6%
Forecast Gain vs Spot (%)
Dec 2026 target vs current spot — sorted by conviction
Target Distance from Live Rate
How far each Dec '26 target is from the current live rate
Loading live rates...
YTD Performance vs Forecast Gain
Currencies in top-right quadrant: momentum + conviction aligned
Regional Conviction Profile
Bullish % and average gain by region
Forecast Gain Distribution
How BARC gains are distributed across currencies
| Currency | Rev | Region | Direction | Status | Spot | Live | Trend | Mar 26 | Jun 26 | Sep 26 | Dec 26 | BARC Gain | vs Fwd | vs Cons | YTD | 12M |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HUF | — | EMEA | Buy HUF | -- | 332 | 322 | 312 | 305 | 300 | +10.7% | +13.8% | +9.7% | +19.7% | +19.0% | ||
| PLN | — | EMEA | Buy PLN | -- | 3.67 | 3.56 | 3.48 | 3.4 | 3.35 | +9.5% | +10.0% | +6.0% | +12.4% | +13.3% | ||
| NOK | — | EMEA | Buy NOK | -- | 10.25 | 10 | 9.75 | 9.55 | 9.4 | +9.1% | +9.5% | +0.3% | +11.0% | +7.9% | ||
| SEK | — | EMEA | Buy SEK | -- | 9.54 | 9.3 | 9.1 | 8.95 | 8.8 | +8.4% | +6.5% | +0.3% | +15.9% | +15.7% | ||
| AUD | — | G10 | Buy AUD | -- | 0.64 | 0.66 | 0.67 | 0.68 | 0.69 | +7.8% | +7.9% | +1.5% | +4.2% | -0.8% | ||
| GBP | — | G10 | Buy GBP | -- | 1.31 | 1.35 | 1.38 | 1.4 | 1.41 | +7.6% | +7.5% | +2.9% | +4.6% | +4.5% | ||
| ZAR | — | EMEA | Buy ZAR | -- | 17.31 | 16.9 | 16.55 | 16.3 | 16.1 | +7.5% | +10.9% | +5.7% | +8.6% | +4.6% | ||
| KRW | — | Asia | Buy KRW | -- | 1477 | 1445 | 1425 | 1405 | 1390 | +6.3% | +4.8% | -3.1% | -0.3% | -4.8% | ||
| JPY | — | G10 | Buy JPY | -- | 157 | 155 | 152 | 150 | 149 | +5.4% | +2.2% | +1.1% | +0.2% | -1.3% | ||
| NZD | — | G10 | Buy NZD | -- | 0.56 | 0.57 | 0.58 | 0.59 | 0.59 | +5.4% | +3.9% | -3.3% | +0.1% | -4.0% | ||
| EUR | — | G10 | Buy EUR | -- | 1.15 | 1.17 | 1.19 | 1.2 | 1.21 | +5.2% | +3.4% | +0.4% | +11.3% | +10.7% | ||
| MXN | — | Americas | Buy MXN | -- | 18.44 | 18.15 | 17.95 | 17.8 | 17.7 | +4.2% | +8.8% | +7.1% | +12.9% | +10.8% | ||
| BRL | — | Americas | Buy BRL | -- | 5.4 | 5.32 | 5.28 | 5.24 | 5.2 | +3.8% | +12.6% | +5.5% | +14.3% | +7.5% | ||
| CHF | — | EMEA | Buy CHF | -- | 0.81 | 0.8 | 0.79 | 0.78 | 0.78 | +3.8% | -0.3% | +1.0% | +12.2% | +10.7% | ||
| CAD | — | G10 | Buy CAD | -- | 1.41 | 1.39 | 1.38 | 1.37 | 1.36 | +3.7% | +2.1% | +0.0% | +2.0% | -0.9% | ||
| INR | — | Asia | Buy INR | -- | 89.28 | 88.2 | 87.5 | 87 | 86.5 | +3.2% | +5.8% | +1.8% | -4.1% | -5.4% | ||
| CNY | — | Asia | Buy CNY | -- | 7.11 | 7.02 | 6.98 | 6.94 | 6.9 | +3.0% | +1.2% | +1.3% | +2.7% | +2.0% | ||
| TRY | — | EMEA | Sell TRY | -- | 42.45 | 45.2 | 47.8 | 49.8 | 51.5 | -17.6% | +12.8% | +0.2% | -16.7% | -18.6% |
Index Forecasts
DXY
Spot: 100.2
95
+5.5% vs spot