ING

2026 FX Outlook

LIVE10 November 2025USD bearish

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USD/MXN

Name: Investment Bank FX Research Directory
Creator: FX Bank Forecast
License: https://fxbankforecast.com/terms
Keywords: bank FX research, investment bank reports, FX strategy, institutional research directory, bank forecasts

MXN remains well-supported by attractive carry, nearshoring tailwinds, and impro

Bullish

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

BARCModerately Bullish17.70

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.

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