Deutsche Bank
FX Blueprint 2026: The Great Rotation
LIVE12 December 2025USD bearish
Back to CurrenciesBullish
USD/BRL
BRL benefits from carry and fiscal improvement despite October election risk. Pr
DB Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
High carry
October elections
Fiscal trajectory
BCB policy
EM re-rating
All Firm Targets (Dec '26)
JPMBullish5.55
GSBullish5.20
ING5.20
BARCNeutral5.20
MUFGModerately Bullish5.15
MSModerately Bullish5.10
BofAModerately Bullish5.10
DBBullish5.05
Analysis Summary
BRL benefits from carry and fiscal improvement despite October election risk. Prefer exposure via options to manage tail risks.