Deutsche Bank
FX Blueprint 2026: The Great Rotation
LIVE12 December 2025USD bearish
Back to CurrenciesStrongly Bullish
USD/NOK
Highest beta to European fiscal expansion
DB Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
European fiscal leverage
Yield advantage
Oil prices
GPFG flows
Valuations
All Firm Targets (Dec '26)
GSBullish9.50
JPMBullish9.42
MSBullish9.40
MUFGBullish9.40
BARCBullish9.40
BofABullish9.35
DBStrongly Bullish9.15
INGVery Bullish9.10
Key Issues for 2026
1.Highest G10 yield outside antipodeans
2.Norwegian sovereign wealth fund provides backdrop
3.European fiscal expansion direct benefit
4.Oil prices supportive
5.Valuations extreme - most undervalued Scandi
Analysis Summary
NOK is our top Scandi pick and highest beta expression of the European recovery theme. Yield advantage, cheap valuations, and fiscal strength create a triple tailwind. EUR/NOK targeting 9.15 represents ~10% appreciation.