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J.P. Morgan

Global FX Strategy 2026

LIVE25 November 2025USD bearish
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EM Strategy

J.P. Morgan GBI-EM Model Portfolio — emerging market bond and FX allocation

EM Countries
19
FX Overweight
9
FX Underweight
1
Strong Conviction
3

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
5
Bond OW
0
FX OW
2
EMEA
Countries
7
Bond OW
2
FX OW
4
Latin America
Countries
7
Bond OW
3
FX OW
3

Asia

5 countries
CountryBond ViewFX ViewLive RateCombined
ChinaMWMW--CNY0
IndiaMWMW--INR0
IndonesiaMWMW--IDR0
MalaysiaMWOW--MYR+1
ThailandMWOW--THB+1

EMEA

7 countries
CountryBond ViewFX ViewLive RateCombined
Czech RepublicMWMW--CZK0
HungaryMWOW--HUF+1
PolandUWOW--PLN0
RomaniaOWUW0
TurkeyMWOW--TRY+1
SerbiaMWMW0
South AfricaOWOW--ZAR+2

Latin America

7 countries
CountryBond ViewFX ViewLive RateCombined
BrazilOWMW--BRL+1
ChileMWOW--CLP+1
ColombiaMWMW--COP0
Dominican RepublicOWOW+2
MexicoOWOW--MXN+2
PeruUWMW-1
UruguayMWMW0

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