Macquarie — FX Research & Bank Forecasts
Coverage overview
Welcome to the Macquarie page on FX Bank Forecast, where we aggregate and normalize research from 18 leading institutional desks, including Macquarie, JPMorgan, Goldman Sachs, and others. Our platform provides a comprehensive view of the latest foreign exchange insights, allowing you to access valuable commentary and analysis from top financial institutions in one convenient location.
Here, you will find a curated selection of research reports and market commentary that cover a wide range of FX topics. By leveraging the expertise of these banks, you can better understand market dynamics, trends, and potential impacts on currency movements. Explore our resources to stay informed and enhance your trading strategies.
Peer coverage
INR steady with RBI support. Low beta limits upside but provides defensive positioning. Targeting 86.50.
Citi forecasts USD/MXN at 19.2 by Q4 2026 (4.3% lower vs current 18.4). Consistent with the report's broader thesis: "Out-of-consensus bullish USD; cyclical re-acceleration drives a stronger dollar through H1, fading into year-end". Bearish
Top FX desks we track
INR supported by RBI reserve accumulation slowing and improving portfolio flows. India's growth premium vs EM peers provides fundamental support, though low beta limits upside.
INR steady with RBI support. Low beta limits upside but provides defensive positioning. Targeting 86.50.
BNP Paribas forecasts EUR/USD at 1.21 by Q4 2026 (5.2% higher vs current 1.15). Consistent with the report's broader thesis: "Gradual USD depreciation in an Expansion regime; EUR and high-yield EM lead, Asia FX lags". Bullish stance on EUR
Citi forecasts USD/MXN at 19.2 by Q4 2026 (4.3% lower vs current 18.4). Consistent with the report's broader thesis: "Out-of-consensus bullish USD; cyclical re-acceleration drives a stronger dollar through H1, fading into year-end". Bearish
Commerzbank forecasts AUD/USD at 0.71 by Q4 2026 (7.6% higher vs current 0.66). Consistent with the report's broader thesis: "USD under pressure on excessive Fed cuts and Fed independence concerns; EUR overvalued but USD overvaluation great
INR supported by improving portfolio flows and RBI policy shift. India growth premium provides fundamental support. Targeting 85.00.
Bullish MXN on carry, nearshoring flows, and USMCA resolution expectations. Positioning is clean after 2025 washout. Banxico's measured easing pace preserves carry advantage. MXN 13% YTD gain not overextended vs EM peers.
Latest bank commentary
The US Blockade of Iran after Six Weeks
· robin-brooks-substack· May 23, 2026Much of the commentary on the US blockade says it's failed, but that's total nonsense
Global FX: Broader impacts from the dollar bid
jpmorgan· jpm-at-any-rate· May 22, 2026We run through some of the broader considerations from the recent dollar bid including the JPY intervention outlook. This podcast was recorded on 22 May 2026. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for importan
Global Commodities: What’s New?
jpmorgan· jpm-at-any-rate· May 22, 2026As Iran and the US continue to work towards a deal, some commodities markets have undergone structural changes. Asian LNG, for example, has been trading at an elevated premium compared to European benchmarks, while precious metals have been sidelined in the short-term. In this ep
New Fed Chair Warsh: Ours is a time of great consequence
· investinglive-cb· May 22, 2026Thank you Pres. Trump Intend to fill roll with energy and purpose Look to faithful to the mission These years can bring unmatched prosperity, that will raise living standards. INflation can be lower, growth strong. I will lead a reform oriented Fed Will learn from past mistakes a
Trump: I expect Kevin Warsh to go down as one of the very best Fed Chairman.
· investinglive-cb· May 22, 2026President Trump swears in Kevin Warsh as the new Fed Chair in a White House ceremony: I expect Kevin Warsh to go down as one of the very best Fed Chairman. No one is better to lead the Fed, than Kevin Warsh. Has the deepest respect for the institution The Fed is the pillar of the
More Waller: Hawkish comments from the Fed Governor
· investinglive-cb· May 22, 2026If shorter run expectations go up, that’s alarming and the Fed might have to take steps There is no way the Fed can go back to the small balance sheet of 2008 The Fed wants to run an ample reserves type system Does not want to go to a scarce reserve system Has not spoken to Warsh
Frequently asked questions
- What type of research does Macquarie provide on FX Bank Forecast?
- Macquarie offers insights and analysis on foreign exchange markets, including commentary on macroeconomic factors, currency trends, and market forecasts. This research is part of the aggregated content from 18 institutional desks.
- How often is the Macquarie FX research updated?
- The FX research from Macquarie, along with other banks, is updated regularly to reflect the latest market developments and economic indicators.
- Can I access historical FX research from Macquarie?
- Yes, FX Bank Forecast provides access to historical research reports from Macquarie and other institutions, allowing you to analyze past market trends and insights.
- Is the research from Macquarie free to access?
- The research aggregated on FX Bank Forecast is typically available for free, providing users with valuable insights without any subscription fees.
- How does FX Bank Forecast normalize research from Macquarie?
- FX Bank Forecast normalizes research by standardizing the format and presentation of reports from Macquarie and other banks, making it easier for users to compare insights across different institutions.
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Aggregated year-end forecasts, scenario shifts, and curated analyst notes from eight institutional desks. No promotion.