Currency Horizons

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Currency Horizons

Global Markets Research

29 June 2026Currency Horizons

Foreign Exchange - Global

Research Analysts

Our medium-term FX views Global FX Strategy

Dominic Bunning - NIplc

Moving on from the Middle East? dominic.bunning@nomura.com

+44 (0) 20 7102 4063

We introduce a new periodical that is focused on the medium-term FX outlook. Our Craig Chan - NSL

aim is to offer a brief, multi-month view, in addition to our more timely, actionable, trade- craig.chan@nomura.com

ideafocusedreports. +65 6433 6106

For G10 FX, we expect the focus to shift back towards central banks’ actions relative Yujiro Goto - NSC

to rate hike pricing. We do not expect the Fed to hike rates, which should work against yujiro.goto@nomura.com

+81 3 6703 1120USD in H2. We see the greatest value in currencies where we think the respective central

banks can start or continue their hiking cycles and where there is room for portfolio flow Yusuke Miyairi, CFA - NIplc

momentum to improve (EUR, JPY, NZD and AUD on the latter point). We see others as yusuke.miyairi@nomura.com

more vulnerable on central bank disappointment (GBP, CAD and SEK). +44 (0) 20 7102 4145

Wee Choon Teo - NSL

For Asia, ex-Japan, we favour outperformance in CNH, TWD and SGD, versus weechoon.teo@nomura.com

underperformance in KRW, IDR and INR through 2026. Strong capital flows are likely +65 6433 6107

to support CNH and TWD, with the latter a clear beneficiary of global AI trade. Singapore’s Andrew Ticehurst - NAL

strong domestic momentum amid inflation risks suggest a supportive policy stance for SGD. andrew.ticehurst@nomura.com

The latter three may face more challenging BoP dynamics amid local-specific concerns. +61 2 8062 8611

Pleaseclickonthelinkbelowforourviewsonindividualcurrencies. Vicky Chen - NSL

vicky.chen1@nomura.com

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