ING
2026 FX Outlook
LIVE10 November 2025USD bearish
Back to CurrenciesBullish
USD/ZAR
ZAR benefits from commodity support, improved fiscal governance under the GNU co
ING Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
Commodity terms of trade
GNU coalition reforms
Carry appeal
Load-shedding improvement
All Firm Targets (Dec '26)
INGBullish16.25
JPMBullish16.25
BARCBullish16.10
GSBullish16.00
MUFGBullish16.00
BofABullish15.80
MSBullish15.75
DBStrongly Bullish15.50
Analysis Summary
ZAR benefits from commodity support, improved fiscal governance under the GNU coalition, and attractive carry. USD/ZAR to trend lower as global risk appetite remains supportive.