J.P. Morgan

Global FX Strategy 2026

LIVE25 November 2025USD bearish

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USD/BRL

Name: Investment Bank FX Research Directory
Creator: FX Bank Forecast
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Keywords: bank FX research, investment bank reports, FX strategy, institutional research directory, bank forecasts

MW BRL and have a USD/BRL put with strike at 5.50. Presidential elections will l

Bullish

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.

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