J.P. Morgan

Global FX Strategy 2026

LIVE25 November 2025USD bearish

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USD/HUF

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

OW in the GBI-EM model portfolio and short EURHUF via options. Parliamentary ele

Bullish

JPM Forecast Path

Cross-Firm Forecast Comparison

Key Drivers

Election risk April 2026

High carry

Favorable valuations

Central bank on hold

All Firm Targets (Dec '26)

JPMBullish308.00

ING305.00

GS300.00

BARCModerately Bullish300.00

MUFG298.00

MS295.00

BofABullish292.00

DBBullish288.00

Analysis Summary

OW in the GBI-EM model portfolio and short EURHUF via options. Parliamentary elections in April remain a key event risk. Favorable carry and valuations. Central bank delaying any easing with fiscal policy mostly balanced.

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