FX BANK FORECAST · COVERAGE
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Aggregated year-end forecasts, scenario shifts, and curated analyst notes from 38 institutional desks. No promotion.
FX BANK FORECAST · COVERAGE
Aggregated year-end forecasts, scenario shifts, and curated analyst notes from 38 institutional desks. No promotion.
The Signal
Across 17 sell-side forecasts at the 12-month horizon, dispersion runs at 7.7% — the loudest bucket on the board today.
Three Doors
Open the data behind the brief.
This Week in Research
Pillars
Across Banks
Spot USD/KRW at 1363.37 sits 1.21% below the 18-firm Dec-26 median of 1380, with a 180-point dispersion signalling deep regime disagreement.
USD/ZAR trades 3.22% above the 17-firm median Dec-26 target of 16.0, with a 2.5-point dispersion range signalling meaningful regime disagreement.
usdzar sarbRead →EUR/USD spot sits 2.27% below the 31-firm median Dec-26 target of 1.14, with a 0.135-wide dispersion range signalling deep disagreement on the path ahead.
eurusd divergenceRead →USD/CHF trades 5.2% above the 20-firm median Dec-26 target of 0.78, with a 0.09 spread separating Citi's 0.83 from StanChart's 0.74.
usdchf snbRead →Spot USD/INR at 93.895 sits 3.75% above the 19-firm Dec-26 consensus of 90.5, with a 13.5-point spread exposing deep disagreement on RBI posture and oil dynamics.
usdinr rbiRead →USD/TRY spot at 50.16 sits just 0.68% below the 17-firm Dec-26 median of 50.5, masking a 10.0-point dispersion that ranks among the widest in EM FX.
usdtry tcmbRead →XAU/USD trades 10.4% below the six-bank median Dec-26 target of $4,550, with a $779 spread separating Goldman from RBC.
gold vs real ratesRead →Across six EM pairs, 22 desks show spot trading above median Dec-26 targets in four of six cases, with dispersion widest in USD/INR and USD/KRW.
em fxRead →AUD/USD trades at 0.6867, 3.29% below the 24-firm median Dec-26 target of 0.71, with an 0.08 spread separating Citi's bear case from Scotiabank's bull.
audusd rbaRead →WTI trades at $90.83, some 37.6% above the 11-desk median Dec-26 target of $66, flagging deep bearish consensus against a firm spot.
oil supply shockRead →Spot USD/KRW at 1363.65 sits 1.18% below the 18-firm Dec-26 consensus of 1380, with a 180-point dispersion exposing deep disagreement on BoK-Fed divergence and chip cycle timing.
usdkrw bokRead →Cable trades at 1.3353, roughly 1.09% below the 20-firm median Dec-26 target of 1.35, with a 0.26-point dispersion that reflects genuine macro disagreement.
gbp cableRead →USD/JPY trades 1.61% above the 25-firm median Dec-26 target of 156.0, with a 30-point dispersion range signalling deep disagreement on the BoJ-Fed spread path.
usdjpy bojRead →USD/MXN trades at 18.622, roughly 4.62% above the 19-firm Dec-26 consensus median of 17.80, with a 2.20-point spread separating the most and least bearish desks.
usdmxn banxicoRead →USD/BRL trades 7.76% above the 18-firm median Dec-26 target of 5.10, with a 1.20-figure dispersion separating the most and least bearish desks.
usdbrl bcbRead →EUR/USD trades 2.27% below the 31-firm median Dec-26 target of 1.14, with a 0.135 spread separating Citi's 1.085 floor from Commerzbank's 1.22 ceiling.
eurusd divergenceRead →USD/CHF trades 5.2% above the 20-firm median Dec-26 target of 0.78, with a 0.09 spread separating Citi's 0.83 from StanChart's 0.74.
usdchf snbRead →Across six EM pairs, 22 firms show spot trading above Dec-26 consensus on four of six pairs, with dispersion widest in USD/INR and USD/KRW.
em fxRead →XAU/USD spot at 4074.9 sits 10.4% below the six-bank Dec-2026 consensus of 4550, with a 779-point spread separating RBC's 4929 from Goldman's 4150.
gold vs real ratesRead →AUD/USD trades at 0.6867, 3.3% below a 24-firm median Dec-26 target of 0.71, with an 0.08 spread separating Scotiabank's 0.75 from Citi's 0.67.
audusd rbaRead →Cable sits 1.09% below the 20-firm median Dec-26 target of 1.35, with a 0.26-point dispersion that reflects sharply divided BoE-vs-Fed rate paths.
gbp cableRead →USD/INR trades at 93.91, 3.77% above the 19-firm median Dec-26 target of 90.5, with a 13.5-point dispersion separating Citi from HSBC.
usdinr rbiRead →WTI spot at $90.83 sits 37.62% above the 11-bank Dec-2026 consensus of $66, with a $50 dispersion separating Goldman's $105 bull case from Citi's $55 floor.
oil supply shockRead →USD/ZAR trades 3.22% above the 17-firm median Dec-26 target of 16.0, with a 2.5-point dispersion range signalling deep disagreement on the rand's path.
usdzar sarbRead →USD/BRL trades 7.76% above the 18-firm median Dec-26 target of 5.10, with a 1.20-figure dispersion signalling deep disagreement on Brazil's fiscal path.
usdbrl bcbRead →USD/JPY trades at 158.51, 1.61% above the 25-firm median Dec-26 target of 156.0, with a 30-figure dispersion signalling deep disagreement on the BoJ-Fed spread path.
usdjpy bojRead →USD/KRW spot sits 1.18% below the 18-firm Dec-26 median of 1380, with a 180-point dispersion signalling deep regime disagreement.
usdkrw bokRead →Spot USD/TRY at 50.16 sits 0.68% below a 17-firm Dec-26 median of 50.5, masking a 10-point dispersion that is among the widest in EM FX.
usdtry tcmbRead →NZD/USD trades 7.57% below the 20-firm Dec-26 consensus of 0.60, with a 0.07 spread separating Commerzbank's 0.63 bull case from Citi's 0.56 floor.
nzdusd rbnzRead →XAU/USD trades 11.9% below the six-bank median Dec-26 target of $4,625, with real-yield compression and central-bank demand underpinning the bullish skew.
gold vs real ratesRead →USD/ZAR trades 3.47% above the 17-firm Dec-26 median of 16.0, with a 2.5-point dispersion range signalling unusually divided conviction on the rand.
usdzar sarbRead →EUR/USD spot sits 2.69% below the 31-firm median Dec-26 target of 1.145, with a 0.135 dispersion range signalling deep disagreement on the path ahead.
eurusd divergenceRead →USD/CHF trades 5.16% above the 20-firm median Dec-26 target of 0.78, with a 0.09 spread separating Citi's 0.83 from StanChart's 0.74.
usdchf snbRead →NZD/USD trades at 0.5541, roughly 7.65% below the 20-firm median Dec-26 target of 0.60, with a 0.07 spread separating Citi from Commerzbank.
nzdusd rbnzRead →USD/TRY trades at 50.16, just 0.68% below a 50.5 consensus, yet a 10-point dispersion across 17 banks signals deep disagreement on Turkey's disinflation credibility.
usdtry tcmbRead →USD/CAD trades 3.69% above the 26-firm Dec-26 median of 1.36, with a 0.11 dispersion range flagging unusually wide disagreement on the BoC-Fed gap.
usdcad bocRead →USD/JPY trades 1.44% above the 25-firm Dec-26 consensus of 156.0, with a 30-point dispersion range signalling deep disagreement on the BoJ-Fed spread path.
usdjpy bojRead →WTI trades at $90.35, nearly 37% above the $66 cross-firm median Dec-26 target, with an extreme $50 spread separating Goldman from Citi.
oil supply shockRead →USD/ZAR trades at 16.54 against a 17-firm Dec-26 median of 16.0, a 3.39% gap that reflects divergent views on SARB-Fed policy and commodity terms of trade.
usdzar sarbRead →Gold trades at $4,077.8, nearly 12% below the six-bank Dec-26 median of $4,625 — leaving a wide gap for real-rate and central-bank dynamics to close.
gold vs real ratesRead →Cable trades at 1.3396, roughly 0.77% below the 20-firm median Dec-26 target of 1.35, with a 0.26-point dispersion that reflects deep disagreement on the BoE-Fed rate path.
gbp cableRead →USD/TRY spot sits at 50.16, just 0.68% below the 17-firm Dec-26 median of 50.5, masking a 10.0-point dispersion that is among the widest in EM FX.
usdtry tcmbRead →USD/BRL trades 7.6% above the 18-firm median Dec-26 target of 5.10, with a 1.20-figure dispersion separating ING's 4.50 floor from BNP's 5.70 ceiling.
usdbrl bcbRead →On 2026-11-04, the Bank of England raised its policy rate to 4.00% from 3.75%. Here is where the major banks now see the currency heading.
central bank decisionRead →On 2026-11-04, the Norges Bank held its policy rate at 4.50%. Here is where the major banks now see the currency heading.
central bank decisionRead →On 2026-11-05, the Czech National Bank raised its policy rate to 4.00% from 3.75%. Here is where the major banks now see the currency heading.
central bank decisionRead →AUD/USD spot sits 3.07% below the 24-firm median Dec-26 target of 0.71, with an 0.08 spread separating Citi's bear case from StanChart's bull.
audusd rbaRead →USD/INR trades at 94.13, roughly 4% above the 19-firm median Dec-26 target of 90.5, with a 13.5-point dispersion signalling deep disagreement on RBI policy and oil risk.
usdinr rbiRead →Across six EM pairs, 22 desks show spot trading above median Dec-26 targets in four of six cases, with dispersion widest in USD/INR and USD/KRW.
em fxRead →USD/INR trades at 94.465, roughly 4.4% above the 19-firm Dec-26 median of 90.5, with a 13.5-point spread separating the most bullish and bearish desks.
usdinr rbiRead →The Brief
Insufficient bank commentary with specific FX pair targets, trade recommendations, or directional calls to synthesize a meaningful consensus brief. Headline themes — USD/JPY short squeeze on US inflation, EUR upside capped per Commerzbank, Citi lifting Brent on Hormuz disruption — lack the attributed positioning detail required for an actionable desk summary.