Find out what our economists and strategists are expecting over coming quarters.
In the latest Bloomberg FX Forecast Accuracy Rankings for Q3 2024, MUFG was ranked #3 for G10 FX & #2 for EMEA FX.
For individual G10 FX pairs, MUFG was ranked #1 for EUR/USD, #2 for GBP/USD, #3 for AUD/USD, and #6 for NZD/USD. For EM FX pairs, MUFG was ranked #1 for USD/RON, #2 for USD/HUF, #2 for USD/PLN, #2 for EUR/RUB, #3 for EUR/HUF and #4 for USD/CZK.
Latest FX forecast update: 01 August 2025
| Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
| DXY | 98.240 | 96.720 | 95.140 | 93.600 |
| USD/JPY | 146.00 | 144.00 | 142.00 | 140.00 |
| EUR/USD | 1.1700 | 1.1900 | 1.2000 | 1.2200 |
| GBP/USD | 1.3530 | 1.3680 | 1.3710 | 1.3860 |
| USD/CNY | 7.2000 | 7.2500 | 7.2000 | 7.1500 |
| AUD/USD | 0.6500 | 0.6600 | 0.6700 | 0.6800 |
| NZD/USD | 0.6000 | 0.6100 | 0.6200 | 0.6300 |
| USD/CAD | 1.3600 | 1.3500 | 1.3300 | 1.3200 |
| USD/NOK | 10.171 | 9.916 | 9.750 | 9.508 |
| USD/SEK | 9.573 | 9.328 | 9.167 | 8.852 |
| USD/CHF | 0.8210 | 0.7900 | 0.7920 | 0.7870 |
| USD/CZK | 20.850 | 20.420 | 20.170 | 19.670 |
| USD/HUF | 340.20 | 336.10 | 336.70 | 332.80 |
| USD/PLN | 3.6070 | 3.5630 | 3.5500 | 3.5080 |
| USD/RON | 4.3330 | 4.2770 | 4.2580 | 4.2130 |
| USD/RUB | 78.96 | 81.07 | 84.40 | 86.44 |
| USD/ZAR | 17.500 | 17.250 | 16.750 | 17.000 |
| USD/TRY | 42.250 | 44.500 | 46.500 | 47.500 |
| USD/INR | 87.800 | 87.000 | 86.500 | 86.500 |
| USD/IDR | 16030 | 15890 | 15770 | 15700 |
| USD/MYR | 4.2000 | 4.1500 | 4.0800 | 4.0600 |
| USD/PHP | 57.500 | 57.000 | 56.500 | 56.500 |
| USD/SGD | 1.2800 | 1.2700 | 1.2600 | 1.2600 |
| USD/KRW | 1380.0 | 1380.0 | 1375.0 | 1365.0 |
| USD/TWD | 29.800 | 29.800 | 29.650 | 29.500 |
| USD/THB | 32.800 | 32.500 | 32.400 | 32.300 |
| USD/VND | 26400 | 26500 | 26600 | 26700 |
| USD/ARS | 1250.0 | 1300.00 | 1350.0 | 1400.0 |
| USD/BRL | 5.4000 | 5.3500 | 5.4500 | 5.5000 |
| USD/CLP | 940.0 | 930.0 | 935.0 | 940.0 |
| USD/MXN | 18.500 | 18.250 | 18.500 | 19.000 |
| USD/SAR | 60.000 | 58.000 | 57.000 | 59.000 |
| USD/EGP | 65.000 | 63.000 | 62.000 | 64.000 |
| 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% | 4.6% | 4.6% |
| India | 6.0% | 6.1% | 6.5% |
| Indonesia | 5.0% | 4.6% | 4.6% |
| Malaysia | 5.1% | 4.1% | 4.1% |
| Philippines | 5.6% | 5.7% | 6.0% |
| Singapore | 4.4% | 1.9% | 1.8% |
| South Korea | 2.1% | 1.0% | 1.6% |
| Taiwan | 4.6% | 2.9% | 2.6% |
| Thailand | 2.5% | 2.2% | 2.2% |
| Vietnam | 7.1% | 5.5% | 5.4% |
| 2024 | 2025 | 2026 | |
| Bahrain | 2.70% | 2.78% | 2.97% |
| Czech Rep. | -0.10% | 1.81% | 1.95% |
| Egypt | 4.10% | 3.83% | 4.34% |
| Hungary | 0.70% | 1.20% | 2.78% |
| Iraq | 0.03% | -1.5% | 1.44% |
| Israel | 0.50% | 3.13% | 3.80% |
| Jordan | 2.30% | 2.55% | 2.85% |
| Kenya | 5.00% | 4.81% | 5.02% |
| Kuwait | -0.90% | 2.28% | 3.04% |
| Morocco | 3.00% | 3.90% | 3.77% |
| Nigeria | 3.00% | 3.26% | 3.14% |
| Oman | 1.70% | 2.57% | 3.47% |
| Poland | 2.80% | 3.27% | 3.15% |
| Romania | 1.20% | 1.55% | 2.58% |
| Qatar | 2.00% | 2.48% | 5.43% |
| Russia | 3.60% | 1.43% | 1.13% |
| Saudi Arabia | 1.20% | 3.39% | 3.90% |
| South Africa | 0.70% | 0.99% | 1.44% |
| Turkey | 3.00% | 2.80% | 3.20% |
| Ukraine | 3.90% | 2.30% | 4.50% |
| UAE | 3.70% | 4.27% | 4.84% |
| 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% | 0.4% | 1.0% |
| India | 4.6% | 3.0% | 4.1% |
| Indonesia | 2.3% | 1.8% | 1.8% |
| Malaysia | 1.8% | 1.6% | 1.6% |
| Philippines | 3.2% | 1.8% | 3.2% |
| Singapore | 2.4% | 1.1% | 1.5% |
| South Korea | 2.3% | 2.0% | 1.9% |
| Taiwan | 2.2% | 2.1% | 1.9% |
| Thailand | 0.4% | 0.5% | 1.0% |
| Vietnam | 3.6% | 3.5% | 3.5% |
| 2024 | 2025 | 2026 | |
| Bahrain | 1.0% | 1.0% | 1.6% |
| Czech Rep. | 2.5% | 2.5% | 2.1% |
| Egypt | 31.0% | 17.7% | 12.1% |
| Hungary | 3.7% | 4.8% | 3.5% |
| 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% | 5.1% |
| Kuwait | 3.0% | 2.5% | 2.2% |
| Morocco | 1.6% | 2.0% | 2.3% |
| Nigeria | 32.6% | 24.2% | 26.9% |
| Oman | 0.7% | 1.3% | 1.8% |
| Poland | 3.8% | 4.0% | 3.1% |
| Romania | 5.5% | 4.7% | 3.5% |
| Qatar | 1.2% | 1.3% | 1.6% |
| Russia | 8.1% | 9.2% | 5.5% |
| Saudi Arabia | 1.7% | 2.0% | 2.0% |
| South Africa | 4.6% | 3.6% | 4.4% |
| Turkey | 59.9% | 35.1% | 22.5% |
| Ukraine | 6.1% | 12.8% | 7.3% |
| UAE | 2.2% | 2.1% | 2.1% |
| Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
| Fed | 4.13% | 3.88% | 3.63% | 3.38% |
| BoJ | 0.50% | 0.75% | 0.75% | 1.00% |
| ECB | 2.00% | 1.75% | 1.50% | 1.50% |
| BoE | 4.00% | 3.75% | 3.50% | 3.25% |
| SNB | 0.00% | -0.25% | -0.25% | -0.25% |
| Norges Bank | 4.50% | 4.25% | 4.00% | 3.75% |
| Riksbank | 2.00% | 1.75% | 1.75% | 1.75% |
| BoC | 2.50% | 2.25% | 2.00% | 2.00% |
| RBA | 3.60% | 3.35% | 3.10% | 3.10% |
| RBNZ | 3.00% | 2.75% | 2.75% | 2.75% |
| Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
| China 7-day Repo | 1.20% | 1.10% | 1.00% | 1.00% |
| China 1-year LPR | 2.80% | 2.60% | 2.60% | 2.60% |
| India | 5.50% | 5.00% | 5.00% | 5.00% |
| Indonesia | 5.25% | 5.00% | 4.75% | 4.50% |
| Malaysia | 2.75% | 2.75% | 2.75% | 2.75% |
| Philippines | 5.00% | 4.75% | 4.75% | 4.75% |
| Singapore | 1.67% | 1.58% | 1.53% | 1.36% |
| South Korea | 2.50% | 2.25% | 2.00% | 1.75% |
| Taiwan | 2.00% | 1.88% | 1.75% | 1.63% |
| Thailand | 1.50% | 1.25% | 1.00% | 1.00% |
| Vietnam | 4.50% | 4.50% | 4.50% | 4.50% |
| Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
| US 2-Year Govt. Yield | 3.75% | 3.63% | 3.50% | 3.38% |
| US 10-Year Govt. Yield | 4.38% | 4.25% | 4.13% | 4.00% |
| Euro-zone 2-Year Govt. Yield | 1.90% | 1.80% | 1.70% | 1.70% |
| Euro-zone 10-Year Govt. Yield | 2.75% | 2.60% | 2.55% | 2.55% |
| Japan 2-Year Govt. Yield | 0.80% | 0.90% | 1.10% | 1.30% |
| Japan 10-Year Govt. Yield | 1.60% | 1.70% | 1.80% | 1.80% |
| UK 2-Year Govt. Yield | 3.90% | 3.80% | 3.70% | 3.60% |
| UK 10-Year Govt. Yield | 4.55% | 4.50% | 4.35% | 4.30% |
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I also understand that all materials on this website are not investment research or investment advice.