J.P. Morgan
Global FX Strategy 2026
LIVE25 November 2025USD bearish
Back to CurrenciesNeutral
USD/KRW
Long via 6m USDKRW put spread. Weak seasonals compound outflows, but peak pessim
JPM Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
NPS hedging dynamics
WGBI inflows
Tech cycle
Local equity outflows
All Firm Targets (Dec '26)
JPMNeutral1440.00
INGModerately Bullish1400.00
BARCModerately Bullish1390.00
MUFGModerately Bullish1385.00
GSBullish1380.00
BofABullish1370.00
MSBullish1360.00
DBBullish1350.00
Analysis Summary
Long via 6m USDKRW put spread. Weak seasonals compound outflows, but peak pessimism could be close. Disconnect between FX and equities is palpable. WGBI inflows likely to swing BOP into surplus.