J.P. Morgan
Global FX Strategy 2026
LIVE25 November 2025USD bearish
FX Forecasts
J.P. Morgan exchange rate forecasts vs U.S. Dollar — Dec 2026 targets
Total Currencies
28
20 bullish / 8 bearish
Avg JPM Gain
+1.7%
Most Bullish
NOK
+8.9%
Most Bearish
TRY
-20.7%
Forecast Gain vs Spot (%)
Dec 2026 target vs current spot — sorted by conviction
Target Distance from Live Rate
How far each Dec '26 target is from the current live rate
Loading live rates...
YTD Performance vs Forecast Gain
Currencies in top-right quadrant: momentum + conviction aligned
Regional Conviction Profile
Bullish % and average gain by region
Forecast Gain Distribution
How JPM gains are distributed across currencies
| Currency | Rev | Region | Direction | Status | Spot | Live | Trend | Mar 26 | Jun 26 | Sep 26 | Dec 26 | JPM Gain | vs Fwd | vs Cons | YTD | 12M |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| NOK | — | EMEA | Buy NOK | -- | 10.25 | 9.66 | 9.33 | 9.33 | 9.42 | +8.9% | +9.3% | +0.1% | +11.0% | +7.9% | ||
| PLN | — | EMEA | Buy PLN | -- | 3.67 | 3.52 | 3.42 | 3.38 | 3.38 | +8.8% | +9.3% | +5.3% | +12.4% | +13.3% | ||
| CLP | — | Americas | Buy CLP | -- | 939 | 880 | 870 | 870 | 870 | +8.0% | +8.2% | +8.3% | +5.9% | +5.0% | ||
| SEK | — | EMEA | Buy SEK | -- | 9.54 | 8.9 | 8.67 | 8.67 | 8.83 | +8.0% | +6.1% | +0.1% | +15.9% | +15.7% | ||
| HUF | — | EMEA | Buy HUF | -- | 332 | 318 | 308 | 308 | 308 | +7.7% | +10.8% | +6.7% | +19.7% | +19.0% | ||
| ZAR | — | EMEA | Buy ZAR | -- | 17.31 | 17 | 16.75 | 16.5 | 16.25 | +6.5% | +9.9% | +5.2% | +8.6% | +4.6% | ||
| AUD | — | G10 | Buy AUD | -- | 0.64 | 0.67 | 0.68 | 0.68 | 0.68 | +5.5% | +5.6% | +0.0% | +4.2% | -0.8% | ||
| NZD | — | G10 | Buy NZD | -- | 0.56 | 0.58 | 0.59 | 0.59 | 0.59 | +5.4% | +3.9% | -3.3% | +0.1% | -4.0% | ||
| CZK | — | EMEA | Buy CZK | -- | 21 | 20.47 | 20.08 | 20.08 | 20 | +5.0% | +4.7% | +0.8% | +15.8% | +15.8% | ||
| GBP | — | G10 | Buy GBP | -- | 1.31 | 1.37 | 1.41 | 1.4 | 1.36 | +4.2% | +4.3% | -1.2% | +4.6% | +4.5% | ||
| EUR | — | G10 | Buy EUR | -- | 1.15 | 1.18 | 1.2 | 1.2 | 1.2 | +4.1% | +2.3% | -0.8% | +11.3% | +10.7% | ||
| MYR | — | Asia | Buy MYR | -- | 4.14 | 4.05 | 4 | 4 | 4 | +3.5% | +2.3% | +3.3% | +8.0% | +8.0% | ||
| KRW | — | Asia | Buy KRW | -- | 1477 | 1430 | 1400 | 1410 | 1440 | +2.6% | +1.1% | -6.8% | -0.3% | -4.8% | ||
| MXN | — | Americas | Buy MXN | -- | 18.44 | 18.3 | 18.25 | 18.25 | 18.25 | +1.0% | +5.6% | +4.1% | +12.9% | +10.8% | ||
| CHF | — | EMEA | Buy CHF | -- | 0.81 | 0.81 | 0.8 | 0.8 | 0.8 | +0.9% | -3.1% | -1.9% | +12.2% | +10.7% | ||
| CNY | — | Asia | Buy CNY | -- | 7.11 | 7.1 | 7.05 | 7.05 | 7.05 | +0.8% | -1.0% | -0.7% | +2.7% | +2.0% | ||
| INR | — | Asia | Buy INR | -- | 89.28 | 88 | 88 | 88.2 | 88.6 | +0.8% | +3.4% | -0.7% | -4.1% | -5.4% | ||
| ILS | — | EMEA | Buy ILS | -- | 3.27 | 3.25 | 3.25 | 3.25 | 3.25 | +0.7% | +0.0% | -3.1% | +11.3% | +13.2% | ||
| PHP | — | Asia | Sell PHP | -- | 58.88 | 59.1 | 59.5 | 59.8 | 60 | +0.4% | -2.0% | -2.3% | -1.8% | +0.1% | ||
| SGD | — | Asia | Buy SGD | -- | 1.31 | 1.29 | 1.29 | 1.3 | 1.3 | +0.4% | -2.0% | -2.3% | +4.6% | +3.2% | ||
| TWD | — | Asia | Sell TWD | -- | 31.44 | 31.5 | 31 | 31.3 | 31.5 | -0.2% | -3.5% | -4.1% | +4.3% | +3.7% | ||
| CAD | — | G10 | Sell CAD | -- | 1.41 | 1.38 | 1.38 | 1.4 | 1.42 | -0.6% | -2.1% | -4.9% | +2.0% | -0.9% | ||
| COP | — | Americas | Sell COP | -- | 3807 | 3900 | 3900 | 3900 | 3900 | -2.4% | +4.9% | +3.8% | +15.7% | +16.0% | ||
| IDR | — | Asia | Sell IDR | -- | 16695 | 16800 | 17000 | 17100 | 17000 | -2.4% | -0.9% | -3.5% | -3.6% | -4.9% | ||
| BRL | — | Americas | Sell BRL | -- | 5.4 | 5.4 | 5.45 | 5.5 | 5.55 | -2.6% | +6.2% | -0.5% | +14.3% | +7.5% | ||
| THB | — | Asia | Sell THB | -- | 32.49 | 31.5 | 32.5 | 33.5 | 33.5 | -3.0% | -5.0% | -4.5% | +4.9% | +6.4% | ||
| JPY | — | G10 | Sell JPY | -- | 157 | 157 | 158 | 160 | 164 | -4.4% | -7.5% | -13.4% | +0.2% | -1.3% | ||
| TRY | — | EMEA | Sell TRY | -- | 42.45 | 45.5 | 48 | 50.5 | 53.5 | -20.7% | +9.7% | -3.7% | -16.7% | -18.6% |
Index Forecasts
DXY
Spot: 100.2
97.7
-2.4% vs spot
JPM USD index
Spot: 109.6
108.6
-0.9% vs spot