Bank of America
FX Outlook 2026: Structural Dollar Headwinds
LIVE5 December 2025USD bearish
FX Forecasts
Bank of America exchange rate forecasts vs U.S. Dollar — Dec 2026 targets
Total Currencies
18
17 bullish / 1 bearish
Avg BofA Gain
+6.3%
Most Bullish
HUF
+13.7%
Most Bearish
TRY
-16.8%
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 BofA gains are distributed across currencies
| Currency | Rev | Region | Direction | Status | Spot | Live | Trend | Mar 26 | Jun 26 | Sep 26 | Dec 26 | BofA Gain | vs Fwd | vs Cons | YTD | 12M |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HUF | — | EMEA | Buy HUF | -- | 332 | 320 | 310 | 300 | 292 | +13.7% | +16.8% | +12.7% | +19.7% | +19.0% | ||
| PLN | — | EMEA | Buy PLN | -- | 3.67 | 3.55 | 3.45 | 3.35 | 3.28 | +11.9% | +12.4% | +8.4% | +12.4% | +13.3% | ||
| SEK | — | EMEA | Buy SEK | -- | 9.54 | 9.25 | 9 | 8.8 | 8.65 | +10.3% | +8.4% | +2.1% | +15.9% | +15.7% | ||
| NOK | — | EMEA | Buy NOK | -- | 10.25 | 9.95 | 9.7 | 9.5 | 9.35 | +9.6% | +10.0% | +0.8% | +11.0% | +7.9% | ||
| ZAR | — | EMEA | Buy ZAR | -- | 17.31 | 16.8 | 16.4 | 16.1 | 15.8 | +9.6% | +13.0% | +7.8% | +8.6% | +4.6% | ||
| AUD | — | G10 | Buy AUD | -- | 0.64 | 0.66 | 0.68 | 0.69 | 0.7 | +9.4% | +9.5% | +2.9% | +4.2% | -0.8% | ||
| KRW | — | Asia | Buy KRW | -- | 1477 | 1440 | 1420 | 1395 | 1370 | +7.8% | +6.3% | -1.6% | -0.3% | -4.8% | ||
| NZD | — | G10 | Buy NZD | -- | 0.56 | 0.57 | 0.59 | 0.6 | 0.6 | +7.1% | +5.6% | -1.6% | +0.1% | -4.0% | ||
| GBP | — | G10 | Buy GBP | -- | 1.31 | 1.34 | 1.37 | 1.39 | 1.4 | +6.9% | +6.8% | +2.1% | +4.6% | +4.5% | ||
| JPY | — | G10 | Buy JPY | -- | 157 | 154 | 151 | 149 | 147 | +6.8% | +3.6% | +2.5% | +0.2% | -1.3% | ||
| CHF | — | EMEA | Buy CHF | -- | 0.81 | 0.8 | 0.78 | 0.77 | 0.76 | +6.6% | +2.5% | +3.8% | +12.2% | +10.7% | ||
| MXN | — | Americas | Buy MXN | -- | 18.44 | 18.1 | 17.8 | 17.5 | 17.3 | +6.6% | +11.2% | +9.5% | +12.9% | +10.8% | ||
| EUR | — | G10 | Buy EUR | -- | 1.15 | 1.17 | 1.19 | 1.21 | 1.22 | +6.1% | +4.3% | +1.2% | +11.3% | +10.7% | ||
| BRL | — | Americas | Buy BRL | -- | 5.4 | 5.3 | 5.22 | 5.15 | 5.1 | +5.9% | +14.7% | +7.6% | +14.3% | +7.5% | ||
| CAD | — | G10 | Buy CAD | -- | 1.41 | 1.39 | 1.37 | 1.36 | 1.35 | +4.4% | +2.8% | +0.7% | +2.0% | -0.9% | ||
| INR | — | Asia | Buy INR | -- | 89.28 | 88 | 87 | 86.2 | 85.5 | +4.4% | +7.0% | +3.0% | -4.1% | -5.4% | ||
| CNY | — | Asia | Buy CNY | -- | 7.11 | 7 | 6.95 | 6.9 | 6.85 | +3.8% | +2.0% | +2.1% | +2.7% | +2.0% | ||
| TRY | — | EMEA | Sell TRY | -- | 42.45 | 45 | 47.5 | 49.5 | 51 | -16.8% | +13.6% | +1.0% | -16.7% | -18.6% |
Index Forecasts
DXY
Spot: 100.2
93.5
+7.2% vs spot