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This page is part of FX Bank Forecast — an aggregator that normalises bank research PDFs into a searchable forecast and commentary database. Explore the top desks below or jump straight to the consolidated /forecasts and /reports indexes.
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Top bank desks we track
INR supported by RBI reserve accumulation slowing and improving portfolio flows. India's growth premium vs EM peers provides fundamental support, though low beta limits upside.
INR steady with RBI support. Low beta limits upside but provides defensive positioning. Targeting 86.50.
BNP Paribas forecasts EUR/USD at 1.21 by Q4 2026 (5.2% higher vs current 1.15). Consistent with the report's broader thesis: "Gradual USD depreciation in an Expansion regime; EUR and high-yield EM lead, Asia FX lags". Bullish stance on EUR
Citi forecasts USD/MXN at 19.2 by Q4 2026 (4.3% lower vs current 18.4). Consistent with the report's broader thesis: "Out-of-consensus bullish USD; cyclical re-acceleration drives a stronger dollar through H1, fading into year-end". Bearish
Commerzbank forecasts AUD/USD at 0.71 by Q4 2026 (7.6% higher vs current 0.66). Consistent with the report's broader thesis: "USD under pressure on excessive Fed cuts and Fed independence concerns; EUR overvalued but USD overvaluation great
INR supported by improving portfolio flows and RBI policy shift. India growth premium provides fundamental support. Targeting 85.00.
Bullish MXN on carry, nearshoring flows, and USMCA resolution expectations. Positioning is clean after 2025 washout. Banxico's measured easing pace preserves carry advantage. MXN 13% YTD gain not overextended vs EM peers.
Latest bank commentary
Global FX: Broader impacts from the dollar bid
jpmorgan· jpm-at-any-rate· May 22, 2026We run through some of the broader considerations from the recent dollar bid including the JPY intervention outlook. This podcast was recorded on 22 May 2026. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for importan
Global Commodities: What’s New?
jpmorgan· jpm-at-any-rate· May 22, 2026As Iran and the US continue to work towards a deal, some commodities markets have undergone structural changes. Asian LNG, for example, has been trading at an elevated premium compared to European benchmarks, while precious metals have been sidelined in the short-term. In this ep
New Fed Chair Warsh: Ours is a time of great consequence
· investinglive-cb· May 22, 2026Thank you Pres. Trump Intend to fill roll with energy and purpose Look to faithful to the mission These years can bring unmatched prosperity, that will raise living standards. INflation can be lower, growth strong. I will lead a reform oriented Fed Will learn from past mistakes a
Trump: I expect Kevin Warsh to go down as one of the very best Fed Chairman.
· investinglive-cb· May 22, 2026President Trump swears in Kevin Warsh as the new Fed Chair in a White House ceremony: I expect Kevin Warsh to go down as one of the very best Fed Chairman. No one is better to lead the Fed, than Kevin Warsh. Has the deepest respect for the institution The Fed is the pillar of the
More Waller: Hawkish comments from the Fed Governor
· investinglive-cb· May 22, 2026If shorter run expectations go up, that’s alarming and the Fed might have to take steps There is no way the Fed can go back to the small balance sheet of 2008 The Fed wants to run an ample reserves type system Does not want to go to a scarce reserve system Has not spoken to Warsh
Feds Waller: Does not expect change in policy in the near term
· investinglive-cb· May 22, 2026Fed's Waller is speaking and his comments are more hawkish Do not expect to support a change in the policy rate in the near term; outcome will depend heavily on the length of the Iran conflict Labor market is in balance and no longer the chief concern in determining the path of p
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Aggregated year-end forecasts, scenario shifts, and curated analyst notes from eight institutional desks. No promotion.