Morgan Stanley
2026 FX Outlook: The Year of Pivots
LIVE20 November 2025USD bearish
Back to CurrenciesBullish
USD/KRW
WGBI inclusion flows and tech cycle recovery to drive KRW appreciation. Won to r
MS Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
WGBI inclusion
Tech cycle
BOK policy
Equity flows
Geopolitical risk
All Firm Targets (Dec '26)
JPMNeutral1440.00
INGModerately Bullish1400.00
BARCModerately Bullish1390.00
MUFGModerately Bullish1385.00
GSBullish1380.00
BofABullish1370.00
MSBullish1360.00
DBBullish1350.00
Analysis Summary
WGBI inclusion flows and tech cycle recovery to drive KRW appreciation. Won to reach 1360 by Q4. BOK on hold supports carry. Samsung and chip cycle recovery are key catalysts.