ING
2026 FX Outlook
LIVE10 November 2025USD bearish
Back to CurrenciesModerately Bullish
USD/KRW
KRW to benefit from tech cycle recovery and WGBI index inclusion flows. USD/KRW
ING Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
Tech cycle recovery
WGBI inclusion flows
Semiconductor exports
Current account improvement
All Firm Targets (Dec '26)
JPMNeutral1440.00
INGModerately Bullish1400.00
BARCModerately Bullish1390.00
MUFGModerately Bullish1385.00
GSBullish1380.00
BofABullish1370.00
MSBullish1360.00
DBBullish1350.00
Analysis Summary
KRW to benefit from tech cycle recovery and WGBI index inclusion flows. USD/KRW should grind lower through 2026 as semiconductor exports rebound.