Goldman Sachs
Global FX Strategy 2026
LIVE10 January 2026USD bearish
Back to CurrenciesBullish
USD/MXN
Bullish MXN on carry, nearshoring flows, and USMCA resolution expectations. Posi
GS Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
USMCA resolution
Nearshoring flows
Carry advantage
Clean positioning
All Firm Targets (Dec '26)
JPMBullish18.25
INGBullish17.80
BARCBullish17.70
GSBullish17.50
MUFGBullish17.50
MSBullish17.40
BofABullish17.30
DBBullish17.20
Analysis Summary
Bullish MXN on carry, nearshoring flows, and USMCA resolution expectations. Positioning is clean after 2025 washout. Banxico's measured easing pace preserves carry advantage. MXN 13% YTD gain not overextended vs EM peers.