Apex Research FX Research — Bank Coverage Hub
Coverage overview
Welcome to the Apex Research page on FX Bank Forecast, where we aggregate and normalize research from 18 leading institutional desks, including J.P. Morgan, Goldman Sachs, Bank of America, and more. This platform provides a comprehensive overview of foreign exchange analysis, allowing users to access insights from top banks in one convenient location.
Our goal is to help you navigate the complex world of FX research by presenting a curated selection of reports and papers. Whether you're interested in macroeconomic trends, central bank policies, or specific currency forecasts, our coverage ensures you have access to the latest and most relevant information from the financial industry's foremost experts.
Closest match in our coverage
Seasonals turning, portfolio flows key for 2026. Long INR vs PHP, IDR via 6m NDF. India remains lower beta, defensive play but carry should continue to perform with RBI supporting the rupee.
INR steady with RBI support. Low beta limits upside but provides defensive positioning. Targeting 86.50.
Top FX 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
(Research Paper) How Do Floods Affect Banks' Financial Conditions? Evidence from Japan
· boj-whatsnew· May 22, 2026How Do Floods Affect Banks' Financial Conditions? Evidence from Japan May 22, 2026 Kakuho Furukawa *1 Komei Suzuki *2 Full Text [PDF 646KB] Abstract This paper investigates the impact of flood disasters on banks' financial conditions. Using granular, municipality-level data from
(Research Paper) Beyond the Floodplain: Uncovering the Spatial Spillovers of Land Price Declines after Typhoon Hagibis
· boj-whatsnew· May 22, 2026Beyond the Floodplain: Uncovering the Spatial Spillovers of Land Price Declines after Typhoon Hagibis May 22, 2026 Toshitaka Maruyama *1 Fumitaka Nakamura *2 Hiroaki Shirai *3 Nao Sudo *4 Full Text [PDF 7,138KB] Abstract We examine how changes in flood-risk perception influence l
Bank of Japan Accounts (May 20)
· boj-whatsnew· May 22, 2026Bank of Japan Accounts (May 20, 2026) May 22, 2026 Bank of Japan Assets (thousand yen) Gold 441,253,409 Cash 1 431,170,171 Japanese government securities 531,835,781,598 Corporate bonds 2 1,958,202,726 Pecuniary trusts (index-linked exchange-traded funds held as trust property) 3
PBOC is expected to set the USD/CNY reference rate at 6.7992 – Reuters estimate
· investinglive-cb· May 22, 2026The People’s Bank of China is due to set the daily USD/CNY reference rate at around 0115 GMT (2115 US Eastern time), a fixing that remains one of the most closely watched signals in Asian foreign exchange markets. China operates a managed floating exchange rate system, under whic
Japan core inflation hits four-year low in April but war-driven rebound seen ahead
· investinglive-cb· May 21, 2026Japan's core CPI rose just 1.4% in April, a four-year low driven by government subsidies, but analysts warn the Iran war will push inflation sharply higher in coming months Summary: Japan's core CPI, excluding fresh food, rose 1.4% year-on-year in April, the slowest pace since Ma
Morgan Stanley sees Japan reflation intact despite energy shock short-term drag
morganstanley· investinglive-cb· May 21, 2026Morgan Stanley says Japan's reflation story remains structurally intact despite near-term energy shock headwinds, forecasting a dip in nominal GDP this year before a rebound above 4% in 2026. Summary: Japan's nominal GDP growth is expected to turn slightly negative this year due
Frequently asked questions
- What types of research are included in Apex Research?
- Apex Research includes a wide range of FX-related analyses, including macroeconomic reports, central bank insights, and currency forecasts from 18 major institutional banks.
- How often is the research updated?
- The research is updated regularly to reflect the latest insights and analyses from the participating banks, ensuring that users have access to current information.
- Can I access full research papers on this page?
- Yes, users can access full research papers in PDF format, providing in-depth analysis and data from the banks covered.
- Which banks are included in the Apex Research coverage?
- The coverage includes 18 prominent banks, such as J.P. Morgan, Goldman Sachs, Bank of America, HSBC, and others, offering a diverse array of perspectives on FX markets.
- Is there a cost to access the research on Apex Research?
- Access to the research aggregated on Apex Research is free, allowing users to benefit from expert insights without any subscription fees.
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Aggregated year-end forecasts, scenario shifts, and curated analyst notes from eight institutional desks. No promotion.