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MUFG

2026 FX Outlook: Post-Peak USD World

LIVE19 December 2025USD bearish
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USD/SEK

SEK to benefit from European fiscal expansion and Riksbank stabilization. Swedis

Bullish

MUFG Forecast Path

Cross-Firm Forecast Comparison

Key Drivers

Riksbank policy
Fiscal expansion
Rate sensitivity
European growth
Housing recovery

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 European fiscal expansion and Riksbank stabilization. Swedish economy highly rate-sensitive and positioned for recovery. EUR/SEK to decline toward 8.70 by year-end.

FX BANK FORECAST · COVERAGE

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