J.P. Morgan

Global FX Strategy 2026

LIVE25 November 2025USD bearish

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USD/TRY

Name: Investment Bank FX Research Directory
Creator: FX Bank Forecast
License: https://fxbankforecast.com/terms
Keywords: bank FX research, investment bank reports, FX strategy, institutional research directory, bank forecasts

OW in the GBI-EM model portfolio and short 3-month USDTRY forwards. Macro-econom

Bullish

JPM Forecast Path

Cross-Firm Forecast Comparison

Key Drivers

Lira management policy

Moderate carry

Slower credit growth

Authorities support

All Firm Targets (Dec '26)

JPMBullish53.50

DBNeutral52.50

MS52.00

MUFG52.00

BARCModerately Bullish51.50

BofANeutral51.00

ING50.50

GS50.00

Analysis Summary

OW in the GBI-EM model portfolio and short 3-month USDTRY forwards. Macro-economic conditions consistent with authorities' lira management policy and low risk of sharp FX pressures. About 9% total return in 2026 from 14-15% in 2025.

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