HSBC

Currency Outlook 2026: The year of the yen

LIVE9 December 2025USD bearish

Overview Forecasts Trades Currencies Scenarios Technicals Volatility EM Strategy Macro Quant

Currency Views

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

HSBC per-currency outlook across 8 currencies — bias, key drivers, live rates, and quarterly targets

G10

6 currencies

AUDCADCHFEURGBPJPY

EM-Asia

1 currency

CNY

EM-LatAm

1 currency

MXN

Cross-firm comparison · live spreads · revisions

Firm	Bias	Dec '26 Target	vs Spot	Revised
Goldman Sachs	Bullish	1.1200	+3.4%	+150bp
JPMorgan	Bullish	1.1150	+2.9%	+80bp
Morgan Stanley	Neutral	1.0900	+0.6%	unch
Citi	Bullish	1.1050	+2.0%	+50bp
Deutsche Bank	Bearish	1.0600	-2.1%	-100bp
BofA	Neutral	1.0850	+0.2%	unch

Bias · Dec '26 target · live spread · revision delta

8 currencies covered · bias, live spreads, quarterly targets, and cross-firm comparison unlock with Retail.

FX BANK FORECAST · COVERAGE

Institutional FX coverage in your inbox

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