Morgan Stanley

2026 FX Outlook: The Year of Pivots

LIVE20 November 2025USD bearish

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USD/SEK

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

SEK to benefit from Riksbank pause and regional growth uplift. Swedish fiscal ex

Bullish

MS Forecast Path

Cross-Firm Forecast Comparison

Key Drivers

Riksbank policy

Fiscal expansion

Regional growth

Rate differentials

Equity flows

All Firm Targets (Dec '26)

GSBullish8.90

JPMBullish8.83

BARCBullish8.80

MSBullish8.75

MUFGBullish8.70

BofABullish8.65

DBStrongly Bullish8.50

INGBullish8.44

Analysis Summary

SEK to benefit from Riksbank pause and regional growth uplift. Swedish fiscal expansion provides domestic support. EUR/SEK to decline as rate differentials narrow. Best positioned Scandinavian currency.

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