RBC's 2026 FX trade ideas have returned 2% in their first month, led by BRL, NOK, and AUD. The team maintains high conviction in core themes including CNY strength and USD depreciation, expecting a further 7.8% return over the coming quarters.
Key Takeaways
- 1.The 2026 FX trade recommendations have delivered a 2% aggregate return within the first month, validating early thematic views.
- 2.Substantial runway remains for the trades, with 7.8% of the targeted 9.8% return still unrealized.
- 3.China is expected to allow CNH to strengthen further to address external trade pressures and fulfill yuan internationalization goals.
Table of Contents
- 2026 FX Trades: One Month In
- In the G10
- For Asia
- CEEMEA
- For LatAm
- RBC FX Strategy Team
- Disclaimer
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Authors
Elsa LignosGeorge DavisRichard CochinosLuis EstradaDaria ParkhomenkoAbbas KeshvaniGeorge Moran
Securities
DXYEURNOKUSDBRLAUDCHFUSDJPY 137 Digital PutZARMXN
Themes
Carry Trade ResilienceChina's 'Sea Change' and CNY StrengthEM Valuation and Catch-up
Regions
GlobalAsia PacificEuropeUnited StatesChinaAustralia