MUFG
2026 FX Outlook: Post-Peak USD World
LIVE19 December 2025USD bearish
Back to CurrenciesBullish
USD/ZAR
ZAR undervalued relative to commodity terms of trade. GNU political stability re
MUFG Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
Commodity terms of trade
GNU stability
SARB easing
Fiscal trajectory
Load shedding improvement
All Firm Targets (Dec '26)
JPMBullish16.25
INGBullish16.25
BARCBullish16.10
MUFGBullish16.00
GSBullish16.00
BofABullish15.80
MSBullish15.75
DBStrongly Bullish15.50
Analysis Summary
ZAR undervalued relative to commodity terms of trade. GNU political stability reduces risk premium. SARB easing supports domestic growth. USD/ZAR to decline to 16.00 by year-end.