JPMorgan strategists say a fresh wave of foreign exchange hedging could add another layer of pressure on the US dollar. The bank notes that the recent decline has accelerated faster than expected.
But which currencies do they think will be the largest gainers?
In terms of currency preferences, the team sees further upside for the Australian and New Zealand dollars.
JPMorgan has lifted its Australian dollar forecast to 0.73 in the second quarter of 2026, up from 0.68 previously.
It also upgraded its New Zealand dollar forecast to 0.63 from 0.59.
By contrast, JPMorgan remains bearish on the Japanese yen and sees USD/JPY rising to 164 by the fourth quarter of 2026.
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