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ING

2026 FX Outlook

LIVE10 November 2025USD bearish

Overview Forecasts Trades Currencies Scenarios Technicals Volatility EM Strategy Macro Quant

Currency Views

ING per-currency outlook with bias, key drivers, live rates, and forecast targets

15 currencies shown

EUR/USDQ1: 1.19 → Q4: 1.22

•German fiscal expansion

•ECB-Fed rate convergence

USD/JPYQ1: 155 → Q4: 152

•BoJ normalization

•Fed-BoJ yield convergence

↑ Moderately Bullish

GBP/USDQ1: 1.35 → Q4: 1.36

•Resilient UK growth

•BoE hawkish hold

↑ Very Bullish

AUD/USDQ1: 0.70 → Q4: 0.73

•RBA holding rates elevated

•Commodity price strength

NZD/USDQ1: 0.60 → Q4: 0.62

•RBNZ pause expected

•Growth recovery

↑ Moderately Bullish

USD/CADQ1: 1.38 → Q4: 1.34

•Oil price support

•BoC near terminal

USD/CHFQ1: 0.79 → Q4: 0.78

•SNB cautious easing

•Safe haven demand

↑ Very Bullish

EUR/NOKQ1: 11.50 → Q4: 11.10

•Deep undervaluation

•Norges Bank on hold

EUR/SEKQ1: 10.75 → Q4: 10.30

•Riksbank near terminal

•European growth recovery

DXYQ1: 97.0 → Q4: 95.0

•Fed easing cycle

•Twin deficit widening

↑ Moderately Bullish

USD/CNYQ1: 6.95 → Q4: 6.90

•PBoC managed appreciation

•Improving domestic demand

↑ Moderately Bullish

USD/KRWQ1: 1440 → Q4: 1400

•Tech cycle recovery

•WGBI inclusion flows

USD/MXNQ1: 18.30 → Q4: 17.80

•Attractive carry

•Nearshoring investment

USD/ZARQ1: 17.00 → Q4: 16.25

•Commodity terms of trade

•GNU coalition reforms

USD/PLNQ1: 3.55 → Q4: 3.38

•EU fund inflows