Deutsche Bank
FX Blueprint 2026: The Great Rotation
LIVE12 December 2025USD bearish
Back to CurrenciesBullish
USD/MXN
MXN benefits from nearshoring, high carry, and USMCA resolution. Part of broad E
DB Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
Nearshoring flows
High carry
USMCA resolution
EM re-rating
Fiscal improvement
All Firm Targets (Dec '26)
JPMBullish18.25
INGBullish17.80
BARCBullish17.70
GSBullish17.50
MUFGBullish17.50
MSBullish17.40
BofABullish17.30
DBBullish17.20
Analysis Summary
MXN benefits from nearshoring, high carry, and USMCA resolution. Part of broad EM re-rating theme. USD/MXN to 17.20.