Deutsche Bank

FX Blueprint 2026: The Great Rotation

LIVE12 December 2025USD bearish

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USD/ZAR

ZAR is our top EM pick globally. Commodity terms of trade, GNU stability, fiscal

Strongly Bullish

DB Forecast Path

Cross-Firm Forecast Comparison

Key Drivers

Commodity terms of trade

GNU political stability

Fiscal consolidation

Extreme cheapness

Carry

All Firm Targets (Dec '26)

JPMBullish16.25

INGBullish16.25

BARCBullish16.10

GSBullish16.00

MUFGBullish16.00

BofABullish15.80

MSBullish15.75

DBStrongly Bullish15.50

Analysis Summary

ZAR is our top EM pick globally. Commodity terms of trade, GNU stability, fiscal consolidation, and cheap valuations create an exceptional setup. USD/ZAR 15.50 target.

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