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FX Outlook 2026: Navigating the Turn

LIVE28 November 2025USD bearish

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USD/ZAR

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

ZAR benefits from commodity ToT, GNU stability, and fiscal improvement. Carry pl

Bullish

BARC Forecast Path

Cross-Firm Forecast Comparison

Key Drivers

Commodity ToT

GNU stability

Fiscal consolidation

Carry

Valuations

All Firm Targets (Dec '26)

JPMBullish16.25

INGBullish16.25

BARCBullish16.10

GSBullish16.00

MUFGBullish16.00

BofABullish15.80

MSBullish15.75

DBStrongly Bullish15.50

Analysis Summary

ZAR benefits from commodity ToT, GNU stability, and fiscal improvement. Carry plus capital appreciation potential. USD/ZAR to 16.10.

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