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Deutsche Bank

FX Blueprint 2026: The Great Rotation

LIVE12 December 2025USD bearish
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EM Strategy

Deutsche Bank GBI-EM Model Portfolio — emerging market bond and FX allocation

EM Countries
17
FX Overweight
10
FX Underweight
1
Strong Conviction
8

Country Conviction Score

Combined bond + FX weight (OW=+1, MW=0, UW=-1)

FX Allocation

Bond Allocation

Regional Profile

Overweight positions and coverage by region

Asia
Countries
6
Bond OW
3
FX OW
4
EMEA
Countries
6
Bond OW
3
FX OW
3
Latin America
Countries
5
Bond OW
2
FX OW
3

Asia

6 countries
CountryBond ViewFX ViewLive RateCombined
ChinaMWOW--CNY+1
IndiaOWOW--INR+2
IndonesiaMWMW--IDR0
MalaysiaOWOW--MYR+2
ThailandMWMW--THB0
South KoreaOWOW--KRW+2

EMEA

6 countries
CountryBond ViewFX ViewLive RateCombined
Czech RepublicMWMW--CZK0
HungaryOWOW--HUF+2
PolandOWOW--PLN+2
RomaniaMWUW-1
TurkeyMWMW--TRY0
South AfricaOWOW--ZAR+2

Latin America

5 countries
CountryBond ViewFX ViewLive RateCombined
BrazilOWOW--BRL+2
ChileMWOW--CLP+1
ColombiaMWMW--COP0
MexicoOWOW--MXN+2
PeruMWMW0

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