HSBC

Currency Outlook 2026: The year of the yen

LIVE9 December 2025USD bearish

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HSBC exchange rate forecasts vs U.S. Dollar — Dec 2026 targets

Currency	Mar 26	Jun 26	Sep 26	Dec 26	Gain vs Spot
NZD	0.59	—	—	—	—

Mar / Jun / Sep / Dec 26 · 17 more currencies

Currency	Mar 26	Jun 26	Sep 26	Dec 26	Bias	vs Spot
EUR/USD	1.0950	1.1080	1.1140	1.1200	bullish	+3.4%
USD/JPY	149.00	146.50	144.00	142.00	bearish	-6.8%
GBP/USD	1.2820	1.2940	1.3050	1.3150	bullish	+3.4%
USD/CHF	0.8780	0.8710	0.8640	0.8580	bearish	-3.0%
AUD/USD	0.6610	0.6700	0.6790	0.6850	bullish	+5.1%
USD/CAD	1.3720	1.3620	1.3540	1.3480	bearish	-2.4%

3 more quarters · 17 currencies · revision history

18 currencies tracked · revision history, charts, exports, and full quarterly targets unlock with Retail.

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