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2026 FX Outlook

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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 support, improved fiscal governance under the GNU co

Bullish

ING Forecast Path

Cross-Firm Forecast Comparison

Key Drivers

Commodity terms of trade

GNU coalition reforms

Carry appeal

Load-shedding improvement

All Firm Targets (Dec '26)

INGBullish16.25

JPMBullish16.25

BARCBullish16.10

GSBullish16.00

MUFGBullish16.00

BofABullish15.80

MSBullish15.75

DBStrongly Bullish15.50

Analysis Summary

ZAR benefits from commodity support, improved fiscal governance under the GNU coalition, and attractive carry. USD/ZAR to trend lower as global risk appetite remains supportive.

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