Morgan Stanley
2026 FX Outlook: The Year of Pivots
LIVE20 November 2025USD bearish
FX Forecasts
Morgan Stanley exchange rate forecasts vs U.S. Dollar — Dec 2026 targets
Total Currencies
18
17 bullish / 1 bearish
Avg MS Gain
+6.2%
Most Bullish
GBP
+12.2%
Most Bearish
TRY
-18.4%
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 MS gains are distributed across currencies
| Currency | Rev | Region | Direction | Status | Spot | Live | Trend | Mar 26 | Jun 26 | Sep 26 | Dec 26 | MS Gain | vs Fwd | vs Cons | YTD | 12M |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GBP | — | G10 | Buy GBP | -- | 1.31 | 1.38 | 1.42 | 1.45 | 1.47 | +12.2% | +12.4% | +7.8% | +4.6% | +4.5% | ||
| HUF | — | EMEA | Buy HUF | -- | 332 | 318 | 306 | 300 | 295 | +11.1% | +14.2% | +10.1% | +19.7% | +19.0% | ||
| AUD | — | G10 | Buy AUD | -- | 0.64 | 0.67 | 0.69 | 0.7 | 0.71 | +10.9% | +11.0% | +4.4% | +4.2% | -0.8% | ||
| JPY | — | G10 | Buy JPY | -- | 157 | 150 | 145 | 143 | 140 | +10.8% | +14.6% | +6.5% | +0.2% | -1.3% | ||
| PLN | — | EMEA | Buy PLN | -- | 3.67 | 3.52 | 3.4 | 3.35 | 3.3 | +10.1% | +10.6% | +6.6% | +12.4% | +13.3% | ||
| ZAR | — | EMEA | Buy ZAR | -- | 17.31 | 16.8 | 16.3 | 16 | 15.75 | +9.0% | +12.4% | +8.0% | +8.6% | +4.6% | ||
| NZD | — | G10 | Buy NZD | -- | 0.56 | 0.58 | 0.6 | 0.6 | 0.61 | +8.9% | +7.4% | +0.0% | +0.1% | -4.0% | ||
| NOK | — | EMEA | Buy NOK | -- | 10.25 | 9.9 | 9.6 | 9.5 | 9.4 | +8.3% | +8.7% | -0.2% | +11.0% | +7.9% | ||
| SEK | — | EMEA | Buy SEK | -- | 9.54 | 9.2 | 8.95 | 8.85 | 8.75 | +8.3% | +6.5% | +0.3% | +15.9% | +15.7% | ||
| KRW | — | Asia | Buy KRW | -- | 1477 | 1440 | 1400 | 1380 | 1360 | +7.9% | +6.4% | -1.5% | -0.3% | -4.8% | ||
| CHF | — | EMEA | Buy CHF | -- | 0.81 | 0.79 | 0.77 | 0.76 | 0.75 | +7.4% | +3.5% | +4.5% | +12.2% | +10.7% | ||
| BRL | — | Americas | Buy BRL | -- | 5.4 | 5.3 | 5.2 | 5.15 | 5.1 | +5.6% | +14.4% | +7.5% | +14.3% | +7.5% | ||
| MXN | — | Americas | Buy MXN | -- | 18.44 | 18.1 | 17.8 | 17.6 | 17.4 | +5.6% | +10.2% | +8.7% | +12.9% | +10.8% | ||
| CAD | — | G10 | Buy CAD | -- | 1.41 | 1.38 | 1.36 | 1.35 | 1.34 | +5.0% | +3.5% | +1.4% | +2.0% | -0.9% | ||
| CNY | — | Asia | Buy CNY | -- | 7.11 | 7 | 6.9 | 6.85 | 6.8 | +4.4% | +2.6% | +3.0% | +2.7% | +2.0% | ||
| INR | — | Asia | Buy INR | -- | 89.28 | 88 | 87 | 86.5 | 86 | +3.7% | +6.3% | +2.2% | -4.1% | -5.4% | ||
| EUR | — | G10 | Buy EUR | -- | 1.15 | 1.2 | 1.23 | 1.2 | 1.16 | +0.9% | -0.8% | -2.5% | +11.3% | +10.7% | ||
| TRY | — | EMEA | Sell TRY | -- | 42.45 | 45 | 47.5 | 49.5 | 52 | -18.4% | +12.0% | -1.4% | -16.7% | -18.6% |
Index Forecasts
DXY
Spot: 100.2
99
+1.2% vs spot