Bank of America
FX Outlook 2026: Structural Dollar Headwinds
LIVE5 December 2025USD bearish
Back to CurrenciesNeutral
USD/TRY
TRY carry remains attractive but depreciation path continues. Authorities' manag
BofA Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
Managed depreciation
High carry offset
CBRT policy
Inflation trajectory
All Firm Targets (Dec '26)
JPMBullish53.50
DBNeutral52.50
MS52.00
MUFG52.00
BARCBullish51.50
BofANeutral51.00
ING50.50
GS50.00
Analysis Summary
TRY carry remains attractive but depreciation path continues. Authorities' managed depreciation policy limits upside. Total return positive but spot will weaken. Prefer options-based carry extraction.