J.P. Morgan
Global FX Strategy 2026
LIVE25 November 2025USD bearish
Back to CurrenciesBullish
USD/SEK
Strong regional recovery candidate
JPM Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
Fiscal stimulus
Regional growth
Riksbank policy
Rate sensitivity
Equity flows
All Firm Targets (Dec '26)
GSBullish8.90
JPMBullish8.83
BARCModerately Bullish8.80
MSBullish8.75
MUFGBullish8.70
BofABullish8.65
DBStrongly Bullish8.50
INGBullish8.44
Key Issues for 2026
1.Beneficiary of fiscal differentiation
2.Rate sensitivity to Riksbank cuts
3.Low yields vs high yielders is a drag
4.Equity outflows can weigh
Analysis Summary
Benefits from resilient regional/global growth and domestic outperformance vs peers driven by expansionary fiscal policy and rate sensitivity. Net beneficiary of FX focus on fiscal differentiation. Low yields and ongoing equity outflows can be drags.