J.P. Morgan

Global FX Strategy 2026

LIVE25 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

OW MXN in the GBI-EM model portfolio and hold a short CAD/MXN outright position.

Bullish

JPM Forecast Path

Cross-Firm Forecast Comparison

Key Drivers

USMCA renegotiation

Clean positioning

EM carry

Growth prospects

All Firm Targets (Dec '26)

JPMBullish18.25

INGBullish17.80

BARCModerately Bullish17.70

GSBullish17.50

MUFGBullish17.50

MSBullish17.40

BofABullish17.30

DBBullish17.20

Analysis Summary

OW MXN in the GBI-EM model portfolio and hold a short CAD/MXN outright position. USMCA renegotiation expected to conclude positively. Positioning in the currency remains clean. MXN 13% appreciation YTD is not deviated from EM peers.

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