J.P. Morgan
Global FX Strategy 2026
LIVE25 November 2025USD bearish
Back to CurrenciesBullish
USD/MXN
OW MXN in the GBI-EM model portfolio and hold a short CAD/MXN outright position.
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
BARCBullish17.70
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.