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FX Outlook 2026: Navigating the Turn

LIVE28 November 2025USD bearish

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USD/SEK

Name: Investment Bank FX Research Directory
Creator: FX Bank Forecast
License: https://fxbankforecast.com/terms
Keywords: bank FX research, investment bank reports, FX strategy, institutional research directory, bank forecasts

European recovery beta

Bullish

BARC Forecast Path

Cross-Firm Forecast Comparison

Key Drivers

Manufacturing exposure

Riksbank policy

Housing market

European growth

Valuations

All Firm Targets (Dec '26)

GSBullish8.90

JPMBullish8.83

BARCBullish8.80

MSBullish8.75

MUFGBullish8.70

BofABullish8.65

DBStrongly Bullish8.50

INGBullish8.44

Key Issues for 2026

1.Manufacturing leverage to German spending

2.Riksbank nearing terminal rate

3.Rate sensitivity means housing recovery supports

4.Valuations attractive

5.Prefer NOK for yield but SEK for growth beta

Analysis Summary

SEK benefits from European recovery and rate sensitivity. Riksbank nearing terminal removes a headwind. Valuations cheap. Prefer NOK over SEK for yield advantage but both should appreciate meaningfully.

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Aggregated year-end forecasts, scenario shifts, and curated analyst notes from eight institutional desks. No promotion.