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ING

2026 FX Outlook

LIVE10 November 2025USD bearish

Currency Views

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

15 currencies shown
EUR
G10
Bullish
Live
--
Direction
Buy EUR
Forecast path
EUR/USDQ1: 1.19 → Q4: 1.22
German fiscal expansion
ECB-Fed rate convergence
JPY
G10
Bullish
Live
--
Direction
Buy JPY
Forecast path
USD/JPYQ1: 155 → Q4: 152
BoJ normalization
Fed-BoJ yield convergence
GBP
G10
Moderately Bullish
Live
--
Direction
Buy GBP
Forecast path
GBP/USDQ1: 1.35 → Q4: 1.36
Resilient UK growth
BoE hawkish hold
AUD
G10
Very Bullish
Live
--
Direction
Buy AUD
Forecast path
AUD/USDQ1: 0.70 → Q4: 0.73
RBA holding rates elevated
Commodity price strength
NZD
G10
Bullish
Live
--
Direction
Buy NZD
Forecast path
NZD/USDQ1: 0.60 → Q4: 0.62
RBNZ pause expected
Growth recovery
CAD
G10
Moderately Bullish
Live
--
Direction
Buy CAD
Forecast path
USD/CADQ1: 1.38 → Q4: 1.34
Oil price support
BoC near terminal
CHF
G10
Neutral
Live
--
Direction
Buy CHF
Forecast path
USD/CHFQ1: 0.79 → Q4: 0.78
SNB cautious easing
Safe haven demand
NOK
G10
Very Bullish
Live
--
Direction
Buy NOK
Forecast path
EUR/NOKQ1: 11.50 → Q4: 11.10
Deep undervaluation
Norges Bank on hold
SEK
G10
Bullish
Live
--
Direction
Buy SEK
Forecast path
EUR/SEKQ1: 10.75 → Q4: 10.30
Riksbank near terminal
European growth recovery
USD
G10
Bearish
Live
--
DXYQ1: 97.0 → Q4: 95.0
Fed easing cycle
Twin deficit widening
CNY
EM Asia
Moderately Bullish
Live
--
Direction
Buy CNY
Forecast path
USD/CNYQ1: 6.95 → Q4: 6.90
PBoC managed appreciation
Improving domestic demand
KRW
EM Asia
Moderately Bullish
Live
--
Direction
Buy KRW
Forecast path
USD/KRWQ1: 1440 → Q4: 1400
Tech cycle recovery
WGBI inclusion flows
MXN
LatAm
Bullish
Live
--
Direction
Buy MXN
Forecast path
USD/MXNQ1: 18.30 → Q4: 17.80
Attractive carry
Nearshoring investment
ZAR
EMEA
Bullish
Live
--
Direction
Buy ZAR
Forecast path
USD/ZARQ1: 17.00 → Q4: 16.25
Commodity terms of trade
GNU coalition reforms
PLN
EMEA
Bullish
Live
--
Direction
Buy PLN
Forecast path
USD/PLNQ1: 3.55 → Q4: 3.38
EU fund inflows
NBP on hold