ING
2026 FX Outlook
LIVE10 November 2025USD bearish
EM Strategy
ING GBI-EM Model Portfolio — emerging market bond and FX allocation
EM Countries
14
FX Overweight
7
FX Underweight
1
Strong Conviction
4
Country Conviction Score
Combined bond + FX weight (OW=+1, MW=0, UW=-1)
FX Allocation
Bond Allocation
Regional Profile
Overweight positions and coverage by region
Asia
Countries
4
Bond OW
1
FX OW
2
EMEA
Countries
6
Bond OW
3
FX OW
3
Latin America
Countries
4
Bond OW
2
FX OW
2
Asia
4 countries| Country | Bond View | FX View | Live Rate | Combined |
|---|---|---|---|---|
| China | MW | OW | --CNY | +1 |
| India | MW | MW | --INR | 0 |
| South Korea | MW | OW | --KRW | +1 |
| Indonesia | OW | MW | --IDR | +1 |
EMEA
6 countries| Country | Bond View | FX View | Live Rate | Combined |
|---|---|---|---|---|
| Czech Republic | MW | MW | --CZK | 0 |
| Hungary | OW | OW | --HUF | +2 |
| Poland | MW | OW | --PLN | +1 |
| Romania | OW | MW | +1 | |
| Turkey | MW | UW | --TRY | -1 |
| South Africa | OW | OW | --ZAR | +2 |
Latin America
4 countries| Country | Bond View | FX View | Live Rate | Combined |
|---|---|---|---|---|
| Brazil | OW | OW | --BRL | +2 |
| Mexico | OW | OW | --MXN | +2 |
| Chile | MW | MW | --CLP | 0 |
| Colombia | MW | MW | --COP | 0 |