Deutsche Bank

FX Blueprint 2026: The Great Rotation

LIVE12 December 2025USD bearish

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USD/SEK

Name: Investment Bank FX Research Directory
Creator: FX Bank Forecast
License: https://fxbankforecast.com/terms
Keywords: bank FX research, investment bank reports, FX strategy, institutional research directory, bank forecasts

Manufacturing leverage to European recovery

Strongly Bullish

DB Forecast Path

Cross-Firm Forecast Comparison

Key Drivers

Manufacturing leverage

German fiscal link

Rate sensitivity

Housing market

Valuations

All Firm Targets (Dec '26)

GSBullish8.90

JPMBullish8.83

BARCBullish8.80

MSBullish8.75

MUFGBullish8.70

BofABullish8.65

DBStrongly Bullish8.50

INGBullish8.44

Key Issues for 2026

1.Swedish manufacturing leveraged to German spending

2.Riksbank near terminal removes headwind

3.Most rate-sensitive economy in G10

4.Housing market stabilizing

5.Valuations among cheapest in DM

Analysis Summary

SEK offers the highest leverage to European growth recovery given Sweden's manufacturing exposure and rate sensitivity. Riksbank easing ending removes headwind. EUR/SEK to 8.50 is a significant call but justified by valuations.

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