Bank of America

FX Outlook 2026: Structural Dollar Headwinds

LIVE5 December 2025USD bearish

Overview Forecasts Trades Currencies Scenarios Technicals Volatility EM Strategy Macro Quant

Back to Currencies

USD/TRY

Name: Investment Bank FX Research Directory
Creator: FX Bank Forecast
License: https://fxbankforecast.com/terms
Keywords: bank FX research, investment bank reports, FX strategy, institutional research directory, bank forecasts

TRY carry remains attractive but depreciation path continues. Authorities' manag

Neutral

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

BARCModerately Bullish51.50

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.

View all currencies across firms

FX BANK FORECAST · COVERAGE

Institutional FX coverage in your inbox

Aggregated year-end forecasts, scenario shifts, and curated analyst notes from eight institutional desks. No promotion.