J.P. Morgan
Global FX Strategy 2026
LIVE25 November 2025USD bearish
Back to CurrenciesBullish
USD/NOK
Bullish on yield and growth support
JPM Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
Yield advantage
Norges Bank policy
Capital flows
Norwegian fiscal space
Oil prices
All Firm Targets (Dec '26)
GSBullish9.50
JPMBullish9.42
MSBullish9.40
MUFGBullish9.40
BARCBullish9.40
BofABullish9.35
DBStrongly Bullish9.15
INGVery Bullish9.10
Key Issues for 2026
1.High yield status in G10
2.Norges Bank easing challenge
3.Improving NOK flow picture
4.Cheap valuations
5.Regional fiscal stimulus benefit
Analysis Summary
Supportive factors include resilient domestic growth, the krone's high yield status in G10, the ongoing challenge to Norges Bank easing, the improving NOK flow picture, cheap valuations, the stronger regional/global growth backdrop, and relative fiscal space.