J.P. Morgan
Global FX Strategy 2026
LIVE25 November 2025USD bearish
Back to CurrenciesBullish
USD/CLP
OW CLP and have an outright long CLP/COP. High probability of transition to a mo
JPM Forecast Path
Key Drivers
Political transition
Copper exports
Narrow CAD
Portfolio repatriation
All Firm Targets (Dec '26)
JPMBullish870.00
Analysis Summary
OW CLP and have an outright long CLP/COP. High probability of transition to a more market-friendly administration in 2026. Solid macroeconomic fundamentals including a narrow CAD and supportive terms of trade from copper.