ING
2026 FX Outlook
LIVE10 November 2025USD bearish
FX Forecasts
ING exchange rate forecasts vs U.S. Dollar — Dec 2026 targets
Total Currencies
18
17 bullish / 1 bearish
Avg ING Gain
+5.3%
Most Bullish
AUD
+14.1%
Most Bearish
TRY
-15.9%
Forecast Gain vs Spot (%)
Dec 2026 target vs current spot — sorted by conviction
Target Distance from Live Rate
How far each Dec '26 target is from the current live rate
Loading live rates...
YTD Performance vs Forecast Gain
Currencies in top-right quadrant: momentum + conviction aligned
Regional Conviction Profile
Bullish % and average gain by region
Forecast Gain Distribution
How ING gains are distributed across currencies
| Currency | Rev | Region | Direction | Status | Spot | Live | Trend | Mar 26 | Jun 26 | Sep 26 | Dec 26 | ING Gain | vs Fwd | vs Cons | YTD | 12M |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AUD | — | G10 | Buy AUD | -- | 0.64 | 0.7 | 0.71 | 0.72 | 0.73 | +14.1% | +14.2% | +7.4% | +4.2% | -0.8% | ||
| SEK | — | EMEA | Buy SEK | -- | 9.54 | 9.03 | 8.83 | 8.68 | 8.44 | +11.5% | +9.7% | +3.6% | +15.9% | +15.7% | ||
| NOK | — | EMEA | Buy NOK | -- | 10.25 | 9.66 | 9.42 | 9.26 | 9.1 | +11.2% | +11.6% | +2.4% | +11.0% | +7.9% | ||
| NZD | — | G10 | Buy NZD | -- | 0.56 | 0.6 | 0.61 | 0.61 | 0.62 | +10.7% | +9.2% | +1.6% | +0.1% | -4.0% | ||
| HUF | — | EMEA | Buy HUF | -- | 332 | 320 | 312 | 308 | 305 | +8.1% | +11.2% | +7.1% | +19.7% | +19.0% | ||
| PLN | — | EMEA | Buy PLN | -- | 3.67 | 3.55 | 3.48 | 3.42 | 3.38 | +7.9% | +8.4% | +4.4% | +12.4% | +13.3% | ||
| ZAR | — | EMEA | Buy ZAR | -- | 17.31 | 17 | 16.75 | 16.5 | 16.25 | +6.5% | +9.9% | +5.2% | +8.6% | +4.6% | ||
| EUR | — | G10 | Buy EUR | -- | 1.15 | 1.19 | 1.2 | 1.21 | 1.22 | +6.1% | +4.2% | +0.8% | +11.3% | +10.7% | ||
| CAD | — | G10 | Buy CAD | -- | 1.41 | 1.38 | 1.37 | 1.35 | 1.34 | +5.2% | +3.7% | +0.9% | +2.0% | -0.9% | ||
| KRW | — | Asia | Buy KRW | -- | 1477 | 1440 | 1420 | 1410 | 1400 | +5.2% | +3.7% | -4.2% | -0.3% | -4.8% | ||
| CHF | — | EMEA | Buy CHF | -- | 0.81 | 0.79 | 0.78 | 0.78 | 0.78 | +3.8% | -0.2% | +1.5% | +12.2% | +10.7% | ||
| GBP | — | G10 | Buy GBP | -- | 1.31 | 1.35 | 1.35 | 1.36 | 1.36 | +3.8% | +3.9% | -1.6% | +4.6% | +4.5% | ||
| BRL | — | Americas | Buy BRL | -- | 5.4 | 5.35 | 5.3 | 5.25 | 5.2 | +3.7% | +12.5% | +6.8% | +14.3% | +7.5% | ||
| MXN | — | Americas | Buy MXN | -- | 18.44 | 18.3 | 18.1 | 18 | 17.8 | +3.5% | +8.2% | +6.6% | +12.9% | +10.8% | ||
| JPY | — | G10 | Buy JPY | -- | 157 | 155 | 153 | 153 | 152 | +3.3% | +0.3% | +5.1% | +0.2% | -1.3% | ||
| INR | — | Asia | Buy INR | -- | 89.28 | 88 | 87.5 | 87 | 86.5 | +3.1% | +5.8% | +1.7% | -4.1% | -5.4% | ||
| CNY | — | Asia | Buy CNY | -- | 7.11 | 6.95 | 6.95 | 6.9 | 6.9 | +3.0% | +1.2% | +1.5% | +2.7% | +2.0% | ||
| TRY | — | EMEA | Sell TRY | -- | 42.45 | 44.5 | 46.5 | 48.5 | 50.5 | -15.9% | +14.3% | +1.9% | -16.7% | -18.6% |
Index Forecasts
DXY
Spot: 100.2
95
-5.2% vs spot