ING
2026 FX Outlook
LIVE10 November 2025USD bearish
Back to CurrenciesBullish
USD/MXN
MXN remains well-supported by attractive carry, nearshoring tailwinds, and impro
ING Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
Attractive carry
Nearshoring investment
Banxico gradual easing
USMCA stability
All Firm Targets (Dec '26)
JPMBullish18.25
INGBullish17.80
BARCBullish17.70
GSBullish17.50
MUFGBullish17.50
MSBullish17.40
BofABullish17.30
DBBullish17.20
Analysis Summary
MXN remains well-supported by attractive carry, nearshoring tailwinds, and improving trade dynamics. We see USD/MXN drifting lower through 2026, with the peso one of the best-performing EM currencies.