J.P. Morgan
Global FX Strategy 2026
LIVE25 November 2025USD bearish
EM Strategy
J.P. Morgan GBI-EM Model Portfolio — emerging market bond and FX allocation
EM Countries
19
FX Overweight
9
FX Underweight
1
Strong Conviction
3
Country Conviction Score
Combined bond + FX weight (OW=+1, MW=0, UW=-1)
FX Allocation
Bond Allocation
Regional Profile
Overweight positions and coverage by region
Asia
Countries
5
Bond OW
0
FX OW
2
EMEA
Countries
7
Bond OW
2
FX OW
4
Latin America
Countries
7
Bond OW
3
FX OW
3
Asia
5 countries| Country | Bond View | FX View | Live Rate | Combined |
|---|---|---|---|---|
| China | MW | MW | --CNY | 0 |
| India | MW | MW | --INR | 0 |
| Indonesia | MW | MW | --IDR | 0 |
| Malaysia | MW | OW | --MYR | +1 |
| Thailand | MW | OW | --THB | +1 |
EMEA
7 countries| Country | Bond View | FX View | Live Rate | Combined |
|---|---|---|---|---|
| Czech Republic | MW | MW | --CZK | 0 |
| Hungary | MW | OW | --HUF | +1 |
| Poland | UW | OW | --PLN | 0 |
| Romania | OW | UW | 0 | |
| Turkey | MW | OW | --TRY | +1 |
| Serbia | MW | MW | 0 | |
| South Africa | OW | OW | --ZAR | +2 |
Latin America
7 countries| Country | Bond View | FX View | Live Rate | Combined |
|---|---|---|---|---|
| Brazil | OW | MW | --BRL | +1 |
| Chile | MW | OW | --CLP | +1 |
| Colombia | MW | MW | --COP | 0 |
| Dominican Republic | OW | OW | +2 | |
| Mexico | OW | OW | --MXN | +2 |
| Peru | UW | MW | -1 | |
| Uruguay | MW | MW | 0 |