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Deutsche Bank

FX Blueprint 2026: The Great Rotation

LIVE12 December 2025USD bearish
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Currency Views

Deutsche Bank per-currency outlook with bias, key drivers, live rates, and forecast targets

19 currencies shown
EUR
G10
↑ Strongly Bullish
Live
--
Direction
Buy EUR
Forecast path
EUR/USDQ1: 1.18 → Q4: 1.25
•German fiscal supercycle
•Capital rotation from US
JPY
G10
↑ Strongly Bullish
Live
--
Direction
Buy JPY
Forecast path
USD/JPYQ1: 153 → Q4: 143
•40% REER undervaluation
•BoJ normalization
GBP
G10
↑ Bullish
Live
--
Direction
Buy GBP
Forecast path
GBP/USDQ1: 1.35 → Q4: 1.42
•Capital rotation beneficiary
•Fiscal clarity
CHF
G10
↑ Bullish
Live
--
Direction
Buy CHF
Forecast path
USD/CHFQ1: 0.79 → Q4: 0.75
•Alternative reserve currency
•Safe haven premium
NOK
G10
↑ Strongly Bullish
Live
--
Direction
Buy NOK
Forecast path
EUR/NOKQ1: 11.10 → Q4: 10.50
USD/NOKQ1: 9.80 → Q4: 9.15
•European fiscal leverage
•Yield advantage
SEK
G10
↑ Strongly Bullish
Live
--
Direction
Buy SEK
Forecast path
EUR/SEKQ1: 10.45 → Q4: 9.72
USD/SEKQ1: 9.15 → Q4: 8.50
•Manufacturing leverage
•Rate sensitivity
AUD
G10
↑ Bullish
Live
--
Direction
Buy AUD
Forecast path
AUD/USDQ1: 0.67 → Q4: 0.72
•RBA higher for longer
•Commodity demand
NZD
G10
↑ Moderately Bullish
Live
--
Direction
Buy NZD
Forecast path
NZD/USDQ1: 0.58 → Q4: 0.62
•Growth recovery
•RBNZ near terminal
CAD
G10
↑ Moderately Bullish
Live
--
Direction
Buy CAD
Forecast path
USD/CADQ1: 1.38 → Q4: 1.32
•USD weakness driver
•USMCA resolution
USD
G10
↓ Strongly Bearish
Live
--
DXYQ1: 97.0 → Q4: 92.0
•The Great Rotation
•Twin deficit deterioration
CNY
EM Asia
↑ Bullish
Live
--
Direction
Buy CNY
Forecast path
USD/CNYQ1: 6.98 → Q4: 6.75
•PBoC managed appreciation
•Capital inflows
MXN
LatAm
↑ Bullish
Live
--
Direction
Buy MXN
Forecast path
USD/MXNQ1: 18.00 → Q4: 17.20
•Nearshoring flows
•High carry
TRY
EMEA
→ Neutral
Live
--
Direction
Sell TRY
Forecast path
USD/TRYQ1: 45.50 → Q4: 52.50
•Managed depreciation
•Carry appeal
ZAR
EMEA
↑ Strongly Bullish
Live
--
Direction
Buy ZAR
Forecast path
USD/ZARQ1: 16.70 → Q4: 15.50
•Commodity terms of trade
•GNU political stability
PLN
EMEA
↑ Bullish
Live
--
Direction
Buy PLN
Forecast path
USD/PLNQ1: 3.52 → Q4: 3.25
•EU fund inflows
•German fiscal linkage
HUF
EMEA
↑ Bullish
Live
--
Direction
Buy HUF
Forecast path
EUR/HUFQ1: 365 → Q4: 330
USD/HUFQ1: 316 → Q4: 288
•High carry
•April elections
BRL
LatAm
↑ Bullish
Live
--
Direction
Buy BRL
Forecast path
USD/BRLQ1: 5.28 → Q4: 5.05
•High carry
•October elections
KRW
EM Asia
↑ Bullish
Live
--
Direction
Buy KRW
Forecast path
USD/KRWQ1: 1430 → Q4: 1350
•WGBI inclusion
•Tech cycle recovery
INR
EM Asia
↑ Moderately Bullish
Live
--
Direction
Buy INR
Forecast path
USD/INRQ1: 87.50 → Q4: 85.00
•Portfolio inflows
•RBI policy

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