Deutsche Bank
FX Blueprint 2026: The Great Rotation
LIVE12 December 2025USD bearish
Back to CurrenciesStrongly Bearish
USD/USD
Most bearish USD in the Street. DXY to 92 represents the beginning of a multi-ye
Key Drivers
The Great Rotation
Twin deficit deterioration
End of US exceptionalism
Capital outflows
Fed easing cycle
All Firm Targets (Dec '26)
Analysis Summary
Most bearish USD in the Street. DXY to 92 represents the beginning of a multi-year bear market driven by the Great Rotation. Twin deficits, capital outflows, and the end of US exceptionalism converge in 2026.