Deutsche Bank
FX Blueprint 2026: The Great Rotation
LIVE12 December 2025USD bearish
FX Forecasts
Deutsche Bank exchange rate forecasts vs U.S. Dollar — Dec 2026 targets
Total Currencies
18
17 bullish / 1 bearish
Avg DB Gain
+8.0%
Most Bullish
HUF
+15.3%
Most Bearish
TRY
-19.1%
Forecast Gain vs Spot (%)
Dec 2026 target vs current spot — sorted by conviction
Target Distance from Live Rate
How far each Dec '26 target is from the current live rate
Loading live rates...
YTD Performance vs Forecast Gain
Currencies in top-right quadrant: momentum + conviction aligned
Regional Conviction Profile
Bullish % and average gain by region
Forecast Gain Distribution
How DB gains are distributed across currencies
| Currency | Rev | Region | Direction | Status | Spot | Live | Trend | Mar 26 | Jun 26 | Sep 26 | Dec 26 | DB Gain | vs Fwd | vs Cons | YTD | 12M |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HUF | — | EMEA | Buy HUF | -- | 332 | 316 | 305 | 296 | 288 | +15.3% | +18.4% | +14.3% | +19.7% | +19.0% | ||
| PLN | — | EMEA | Buy PLN | -- | 3.67 | 3.52 | 3.4 | 3.32 | 3.25 | +12.9% | +13.4% | +9.4% | +12.4% | +13.3% | ||
| AUD | — | G10 | Buy AUD | -- | 0.64 | 0.67 | 0.69 | 0.71 | 0.72 | +12.5% | +12.6% | +5.9% | +4.2% | -0.8% | ||
| SEK | — | EMEA | Buy SEK | -- | 9.54 | 9.15 | 8.85 | 8.65 | 8.5 | +12.2% | +10.3% | +4.0% | +15.9% | +15.7% | ||
| NOK | — | EMEA | Buy NOK | -- | 10.25 | 9.8 | 9.5 | 9.3 | 9.15 | +12.0% | +12.4% | +2.8% | +11.0% | +7.9% | ||
| ZAR | — | EMEA | Buy ZAR | -- | 17.31 | 16.7 | 16.2 | 15.85 | 15.5 | +11.7% | +15.1% | +9.9% | +8.6% | +4.6% | ||
| NZD | — | G10 | Buy NZD | -- | 0.56 | 0.58 | 0.6 | 0.61 | 0.62 | +10.7% | +9.3% | +1.6% | +0.1% | -4.0% | ||
| JPY | — | G10 | Buy JPY | -- | 157 | 153 | 149 | 146 | 143 | +9.8% | +6.6% | +5.5% | +0.2% | -1.3% | ||
| KRW | — | Asia | Buy KRW | -- | 1477 | 1430 | 1400 | 1375 | 1350 | +9.4% | +7.9% | +0.0% | -0.3% | -4.8% | ||
| EUR | — | G10 | Buy EUR | -- | 1.15 | 1.18 | 1.21 | 1.23 | 1.25 | +8.7% | +6.9% | +3.8% | +11.3% | +10.7% | ||
| GBP | — | G10 | Buy GBP | -- | 1.31 | 1.35 | 1.38 | 1.4 | 1.42 | +8.4% | +8.3% | +3.6% | +4.6% | +4.5% | ||
| CHF | — | EMEA | Buy CHF | -- | 0.81 | 0.79 | 0.77 | 0.76 | 0.75 | +8.0% | +3.8% | +5.2% | +12.2% | +10.7% | ||
| MXN | — | Americas | Buy MXN | -- | 18.44 | 18 | 17.7 | 17.4 | 17.2 | +7.2% | +11.8% | +10.1% | +12.9% | +10.8% | ||
| BRL | — | Americas | Buy BRL | -- | 5.4 | 5.28 | 5.18 | 5.1 | 5.05 | +6.9% | +15.7% | +8.6% | +14.3% | +7.5% | ||
| CAD | — | G10 | Buy CAD | -- | 1.41 | 1.38 | 1.35 | 1.33 | 1.32 | +6.8% | +5.2% | +3.1% | +2.0% | -0.9% | ||
| CNY | — | Asia | Buy CNY | -- | 7.11 | 6.98 | 6.9 | 6.82 | 6.75 | +5.3% | +3.5% | +3.6% | +2.7% | +2.0% | ||
| INR | — | Asia | Buy INR | -- | 89.28 | 87.5 | 86.5 | 85.8 | 85 | +5.0% | +7.6% | +3.6% | -4.1% | -5.4% | ||
| TRY | — | EMEA | Sell TRY | -- | 42.45 | 45.5 | 48.5 | 50.5 | 52.5 | -19.1% | +11.3% | -1.3% | -16.7% | -18.6% |
Index Forecasts
DXY
Spot: 100.2
92
+8.9% vs spot