J.P. Morgan
Global FX Strategy 2026
LIVE25 November 2025USD bearish
Back to CurrenciesBullish
USD/BRL
MW BRL and have a USD/BRL put with strike at 5.50. Presidential elections will l
JPM Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
Presidential elections Oct 2026
Carry appeal
Fiscal concerns
Election volatility
All Firm Targets (Dec '26)
JPMBullish5.55
GSBullish5.20
ING5.20
BARCNeutral5.20
MUFGModerately Bullish5.15
MSModerately Bullish5.10
BofAModerately Bullish5.10
DBBullish5.05
Analysis Summary
MW BRL and have a USD/BRL put with strike at 5.50. Presidential elections will likely be a major market driver next year. Carry theme continues to deliver but prefer option rather than outright exposure given election risks.