Deutsche Bank
FX Blueprint 2026: The Great Rotation
LIVE12 December 2025USD bearish
Back to CurrenciesNeutral
USD/TRY
TRY managed depreciation continues. Carry attractive but spot will weaken. Total
DB Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
Managed depreciation
Carry appeal
CBRT policy
Inflation deceleration
Authorities' commitment
All Firm Targets (Dec '26)
JPMBullish53.50
DBNeutral52.50
MS52.00
MUFG52.00
BARCBullish51.50
BofANeutral51.00
ING50.50
GS50.00
Analysis Summary
TRY managed depreciation continues. Carry attractive but spot will weaken. Total return still positive via options carry.