J.P. Morgan

Global FX Strategy 2026

LIVE25 November 2025USD bearish

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Name: Investment Bank FX Research Directory
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Keywords: bank FX research, investment bank reports, FX strategy, institutional research directory, bank forecasts

Bearish dollar bias in 1H26 on Fed asymmetries, twin deficits and global recover

Bearish

Key Drivers

Fed dovish asymmetry

Twin deficits

US labor softness

Fiscal policy mix

All Firm Targets (Dec '26)

Analysis Summary

Bearish dollar bias in 1H26 on Fed asymmetries, twin deficits and global recovery, but weakness constrained by US resiliency. High beta/yielding FX preferred. DXY trough ~96.5 by mid-year before shallow recovery in H2.

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