Find out what our economists and strategists are expecting over coming quarters.
Latest FX forecast update: 02 October 2025 (*USD/JPY Forecast updated on 08 October)
| Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | |
| DXY | 95.710 | 93.720 | 92.460 | 91.670 |
| USD/JPY | 150.00 | 148.00 | 146.00 | 144.00 |
| EUR/USD | 1.2000 | 1.2300 | 1.2500 | 1.2600 |
| GBP/USD | 1.3640 | 1.3820 | 1.3890 | 1.4000 |
| USD/CNY | 7.1000 | 7.0500 | 7.0000 | 6.9500 |
| AUD/USD | 0.6700 | 0.6800 | 0.6900 | 0.6900 |
| NZD/USD | 0.5900 | 0.6000 | 0.6200 | 0.6200 |
| USD/CAD | 1.3700 | 1.3600 | 1.3400 | 1.3300 |
| USD/NOK | 9.7500 | 9.5120 | 9.2800 | 9.1270 |
| USD/SEK | 9.2080 | 8.9020 | 8.7200 | 8.5710 |
| USD/CHF | 0.7830 | 0.7720 | 0.7680 | 0.7620 |
| USD/CZK | 20.170 | 19.510 | 19.120 | 18.890 |
| USD/HUF | 325.00 | 313.00 | 305.60 | 301.60 |
| USD/PLN | 3.5500 | 3.4720 | 3.4240 | 3.3970 |
| USD/RON | 4.2420 | 4.1540 | 4.0960 | 4.0790 |
| USD/RUB | 84.400 | 85.180 | 86.290 | 87.740 |
| USD/ZAR | 17.300 | 17.100 | 16.900 | 16.800 |
| USD/TRY | 43.000 | 44.500 | 46.000 | 47.250 |
| USD/INR | 88.900 | 89.500 | 89.700 | 89.700 |
| USD/IDR | 16900 | 17000 | 16850 | 16700 |
| USD/MYR | 4.1500 | 4.0800 | 4.0600 | 4.0600 |
| USD/PHP | 57.500 | 57.000 | 57.000 | 57.500 |
| USD/SGD | 1.2700 | 1.2600 | 1.2600 | 1.2600 |
| USD/KRW | 1380.0 | 1370.0 | 1360.0 | 1350.0 |
| USD/TWD | 30.200 | 30.000 | 29.800 | 29.700 |
| USD/THB | 32.500 | 32.400 | 32.300 | 32.300 |
| USD/VND | 26500 | 26600 | 26700 | 26800 |
| USD/ARS | 1400.0 | 1450.0 | 1500.0 | 1600.0 |
| USD/BRL | 5.3500 | 5.3000 | 5.2500 | 5.2000 |
| USD/CLP | 945.00 | 935.00 | 935.00 | 935.00 |
| USD/MXN | 18.500 | 18.250 | 18.000 | 18.000 |
| USD/SAR | 3.7500 | 3.7500 | 3.7500 | 3.7500 |
| USD/EGP | 51.500 | 52.000 | 54.000 | 55.500 |
| 2024 | 2025 | 2026 | |
| US | 2.8% | 1.5% | 1.6% |
| Japan | 0.1% | 0.4% | 0.6% |
| Euro area | 0.9% | 1.2% | 1.2% |
| Germany | -0.2% | 0.4% | 1.1% |
| France | 1.2% | 0.6% | 0.7% |
| Italy | 0.7% | 0.6% | 0.9% |
| UK | 1.1% | 1.2% | 1.2% |
| Switzerland | 1.4% | 1.0% | 0.6% |
| Norway | 0.6% | 1.4% | 1.4% |
| Sweden | 1.0% | 1.5% | 2.0% |
| Canada | 1.5% | 1.3% | 1.1% |
| Australia | 1.1% | 1.8% | 2.3% |
| New Zealand | -0.5% | 1.1% | 2.3% |
| 2024 | 2025 | 2026 | |
| China | 5.0% | 4.9% | 4.6% |
| India | 6.5% | 6.6% | 6.4% |
| Indonesia | 5.0% | 4.8% | 4.8% |
| Malaysia | 5.1% | 4.1% | 4.1% |
| Philippines | 5.6% | 5.5% | 5.5% |
| Singapore | 4.4% | 1.9% | 1.8% |
| South Korea | 2.1% | 1.0% | 1.6% |
| Taiwan | 4.6% | 4.6% | 2.5% |
| Thailand | 2.5% | 2.2% | 2.2% |
| Vietnam | 7.1% | 6.9% | 7.4% |
| 2024 | 2025 | 2026 | |
| Bahrain | 2.70% | 2.78% | 2.95% |
| Czech Rep. | -0.10% | 1.86% | 1.95% |
| Egypt | 4.10% | 4.05% | 4.35% |
| Hungary | 0.70% | 1.10% | 2.63% |
| Iraq | 0.03% | -1.50% | 1.44% |
| Israel | 0.50% | 2.93% | 3.90% |
| Jordan | 2.30% | 2.55% | 2.85% |
| Kenya | 5.00% | 4.86% | 5.02% |
| Kuwait | -0.90% | 2.33% | 2.91% |
| Morocco | 3.00% | 3.95% | 4.12% |
| Nigeria | 3.00% | 3.47% | 3.40% |
| Oman | 1.70% | 2.57% | 3.37% |
| Poland | 2.80% | 3.25% | 3.10% |
| Romania | 1.20% | 1.37% | 2.38% |
| Qatar | 2.00% | 2.51% | 5.46% |
| Russia | 3.60% | 0.98% | 1.15% |
| Saudi Arabia | 1.20% | 3.90% | 4.00% |
| South Africa | 0.70% | 1.00% | 1.40% |
| Turkey | 3.00% | 2.98% | 3.40% |
| Ukraine | 3.90% | 2.25% | 4.28% |
| UAE | 3.70% | 4.30% | 4.74% |
| 2024 | 2025 | 2026 | |
| US | 3.0% | 2.9% | 2.8% |
| Japan | 2.7% | 2.8% | 1.7% |
| Euro area | 2.4% | 2.1% | 1.8% |
| Germany | 2.5% | 2.2% | 2.0% |
| France | 2.3% | 1.1% | 1.5% |
| Italy | 1.1% | 1.8% | 1.7% |
| UK | 2.5% | 3.4% | 2.4% |
| Switzerland | 1.1% | 0.3% | 0.5% |
| Norway | 3.2% | 2.7% | 2.1% |
| Sweden | 2.9% | 0.9% | 1.6% |
| Canada | 2.4% | 2.2% | 2.1% |
| Australia | 3.2% | 2.4% | 2.5% |
| New Zealand | 2.9% | 2.4% | 2.0% |
| 2024 | 2025 | 2026 | |
| China | 0.2% | 0.2% | 0.8% |
| India | 4.6% | 2.0% | 3.5% |
| Indonesia | 2.3% | 1.8% | 1.8% |
| Malaysia | 1.8% | 1.6% | 1.6% |
| Philippines | 3.2% | 1.8% | 3.0% |
| Singapore | 2.4% | 0.6% | 1.0% |
| South Korea | 2.3% | 2.0% | 1.9% |
| Taiwan | 2.2% | 1.7% | 1.7% |
| Thailand | 0.4% | 0.0% | 1.0% |
| Vietnam | 3.6% | 3.5% | 4.5% |
| 2024 | 2025 | 2026 | |
| Bahrain | 1.0% | 0.9% | 1.6% |
| Czech Rep. | 2.5% | 2.5% | 2.1% |
| Egypt | 31.0% | 17.6% | 11.8% |
| Hungary | 3.7% | 4.8% | 3.6% |
| Iraq | 1.6% | 2.5% | 2.7% |
| Israel | 3.1% | 2.9% | 2.1% |
| Jordan | 1.5% | 3.0% | 2.4% |
| Kenya | 4.6% | 4.2% | 5.0% |
| Kuwait | 3.0% | 2.5% | 2.2% |
| Morocco | 1.6% | 1.7% | 2.0% |
| Nigeria | 32.6% | 24.2% | 27.2% |
| Oman | 0.7% | 1.2% | 1.7% |
| Poland | 3.8% | 4.1% | 3.1% |
| Romania | 5.5% | 5.5% | 4.5% |
| Qatar | 1.2% | 1.3% | 1.7% |
| Russia | 8.1% | 9.1% | 5.5% |
| Saudi Arabia | 1.7% | 2.0% | 2.0% |
| South Africa | 4.6% | 3.6% | 4.2% |
| Turkey | 59.9% | 35.2% | 23.4% |
| Ukraine | 6.1% | 12.9% | 7.5% |
| UAE | 2.2% | 2.0% | 2.1% |
| Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | |
| Fed | 3.63% | 3.38% | 3.13% | 2.88% |
| BoJ | 0.75% | 0.75% | 1.00% | 1.00% |
| ECB | 2.00% | 1.75% | 1.75% | 1.50% |
| BoE | 3.75% | 3.50% | 3.25% | 3.25% |
| SNB | 0.00% | -0.25% | -0.25% | -0.25% |
| Norges Bank | 4.00% | 4.00% | 3.75% | 3.75% |
| Riksbank | 1.75% | 1.75% | 1.75% | 1.75% |
| BoC | 2.25% | 2.00% | 2.00% | 2.00% |
| RBA | 3.35% | 3.10% | 3.10% | 3.10% |
| RBNZ | 2.50% | 2.25% | 2.25% | 2.25% |
| Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | |
| China 7-day Reverse Repo | 1.25% | 1.10% | 1.10% | 1.10% |
| China 1-year LPR | 2.85% | 2.70% | 2.70% | 2.70% |
| India | 5.25% | 5.00% | 5.00% | 5.00% |
| Indonesia | 4.25% | 4.00% | 4.00% | 4.00% |
| Malaysia | 2.75% | 2.75% | 2.75% | 2.75% |
| Philippines | 4.50% | 4.50% | 4.25% | 4.25% |
| Singapore | 1.37% | 1.34% | 1.26% | 1.40% |
| South Korea | 2.25% | 2.00% | 1.75% | 1.75% |
| Taiwan | 2.00% | 1.88% | 1.75% | 1.63% |
| Thailand | 1.25% | 1.00% | 1.00% | 1.00% |
| Vietnam | 4.50% | 4.50% | 4.50% | 4.50% |
| Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | |
| US 2-Year Govt. Yield | 3.38% | 3.25% | 3.13% | 3.00% |
| US 10-Year Govt. Yield | 4.00% | 3.88% | 3.75% | 3.63% |
| Euro-zone 2-Year Govt. Yield | 1.95% | 1.85% | 1.80% | 1.80% |
| Euro-zone 10-Year Govt. Yield | 2.70% | 2.60% | 2.55% | 2.50% |
| Japan 2-Year Govt. Yield | 1.00% | 1.10% | 1.20% | 1.30% |
| Japan 10-Year Govt. Yield | 1.70% | 1.80% | 1.80% | 1.90% |
| UK 2-Year Govt. Yield | 3.90% | 3.80% | 3.70% | 3.60% |
| UK 10-Year Govt. Yield | 4.70% | 4.50% | 4.40% | 4.35% |
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