Find out what our economists and strategists are expecting over coming quarters.
Latest FX forecast update: 01 December 2025
| Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 | |
| DXY | 97.700 | 96.310 | 94.890 | 93.410 |
| USD/JPY | 150.00 | 148.00 | 146.00 | 144.00 |
| EUR/USD | 1.1800 | 1.2000 | 1.2200 | 1.2400 |
| GBP/USD | 1.3330 | 1.3410 | 1.3560 | 1.3780 |
| USD/CNY | 7.0000 | 6.9500 | 6.9000 | 6.9000 |
| AUD/USD | 0.6700 | 0.6800 | 0.6900 | 0.6900 |
| NZD/USD | 0.5800 | 0.5900 | 0.6000 | 0.6000 |
| USD/CAD | 1.3900 | 1.3800 | 1.3700 | 1.3500 |
| USD/NOK | 10.000 | 9.833 | 9.590 | 9.355 |
| USD/SEK | 9.237 | 9.000 | 8.770 | 8.629 |
| USD/CHF | 0.7970 | 0.7880 | 0.7790 | 0.7660 |
| USD/CZK | 20.250 | 19.830 | 19.430 | 19.110 |
| USD/HUF | 324.60 | 322.50 | 318.90 | 314.50 |
| USD/PLN | 3.5850 | 3.5420 | 3.5000 | 3.4520 |
| USD/RON | 4.3310 | 4.2670 | 4.1970 | 4.1530 |
| USD/RUB | 78.63 | 79.82 | 80.98 | 83.03 |
| USD/ZAR | 17.000 | 16.800 | 16.700 | 16.600 |
| USD/TRY | 45.000 | 47.000 | 49.000 | 50.000 |
| USD/INR | 89.500 | 90.200 | 90.800 | 90.800 |
| USD/IDR | 17000 | 16850 | 16700 | 16750 |
| USD/MYR | 4.0800 | 4.0600 | 4.0600 | 4.0300 |
| USD/PHP | 58.000 | 58.000 | 58.500 | 58.800 |
| USD/SGD | 1.3100 | 1.3000 | 1.2900 | 1.2800 |
| USD/KRW | 1430.0 | 1420.0 | 1410.0 | 1400.0 |
| USD/TWD | 30.900 | 30.700 | 30.600 | 30.500 |
| USD/THB | 32.400 | 32.300 | 32.200 | 32.000 |
| USD/VND | 26500 | 26600 | 26700 | 26800 |
| USD/ARS | 1550.0 | 1600.00 | 1650.0 | 1700.0 |
| USD/BRL | 5.3000 | 5.2500 | 5.3500 | 5.2000 |
| USD/CLP | 930.00 | 925.00 | 920.00 | 915.00 |
| USD/MXN | 18.350 | 18.250 | 18.200 | 18.150 |
| USD/SAR | 3.7500 | 3.7500 | 3.7500 | 3.7500 |
| USD/EGP | 48.200 | 48.700 | 49.300 | 49.800 |
| 2025 | 2026 | 2027 | |
| US | 1.9% | 1.8% | 1.9% |
| Japan | 1.1% | 0.6% | 0.8% |
| Euro area | 1.4% | 1.3% | 1.3% |
| Germany | 0.3% | 1.1% | 1.4% |
| France | 0.8% | 0.9% | 1.1% |
| Italy | 0.5% | 0.8% | 0.8% |
| UK | 1.4% | 1.2% | 1.4% |
| Switzerland | 1.5% | 0.9% | 1.5% |
| Norway | 1.9% | 1.5% | 1.8% |
| Sweden | 1.1% | 1.9% | 2.0% |
| Canada | 1.2% | 1.1% | 1.6% |
| Australia | 1.8% | 2.2% | 2.2% |
| New Zealand | 0.2% | 2.1% | 2.5% |
| 2025 | 2026 | 2027 | |
| China | 4.9% | 4.6% | 4.6% |
| India | 6.6% | 6.4% | 6.7% |
| Indonesia | 5.0% | 5.0% | 5.0% |
| Malaysia | 4.5% | 4.1% | 4.5% |
| Philippines | 4.7% | 5.3% | 5.5% |
| Singapore | 3.0% | 2.0% | 2.0% |
| South Korea | 1.0% | 2.0% | 2.2% |
| Taiwan | 4.6% | 3.0% | 2.7% |
| Thailand | 2.2% | 2.2% | 2.2% |
| Vietnam | 6.9% | 7.4% | 7.0% |
| 2025 | 2026 | 2027 | |
| Bahrain | 2.8% | 3.1% | 3.0% |
| Czech Republic | 2.3% | 2.1% | 2.3% |
| Egypt | 4.3% | 4.6% | 4.9% |
| Hungary | 0.5% | 2.2% | 2.4% |
| Iraq | 0.5% | 3.6% | 1.8% |
| Israel | 2.6% | 4.1% | 3.5% |
| Jordan | 2.6% | 2.9% | 3.0% |
| Kenya | 4.9% | 5.0% | 5.0% |
| Kuwait | 2.6% | 3.5% | 2.6% |
| Morocco | 4.4% | 4.4% | 3.9% |
| Nigeria | 3.7% | 4.0% | 3.8% |
| Oman | 2.7% | 3.6% | 3.1% |
| Poland | 3.3% | 3.3% | 3.0% |
| Romania | 1.0% | 1.5% | 2.8% |
| Qatar | 2.7% | 5.7% | 7.3% |
| Russia | 0.7% | 1.1% | 1.3% |
| Saudi Arabia | 4.2% | 4.1% | 3.5% |
| South Africa | 1.2% | 1.3% | 1.7% |
| Turkey | 3.5% | 3.0% | 3.5% |
| Ukraine | 2.1% | 3.7% | 4.7% |
| UAE | 4.7% | 4.9% | 4.3% |
| 2025 | 2026 | 2027 | |
| US | 2.8% | 2.7% | 2.4% |
| Japan | 2.9% | 1.6% | 2.0% |
| Euro area | 2.1% | 1.7% | 1.8% |
| Germany | 2.2% | 1.9% | 1.8% |
| France | 1.0% | 1.3% | 1.6% |
| Italy | 1.7% | 1.4% | 1.5% |
| UK | 3.4% | 2.3% | 2.0% |
| Switzerland | 0.2% | 0.7% | 0.9% |
| Norway | 2.9% | 2.3% | 2.1% |
| Sweden | 0.8% | 1.3% | 1.9% |
| Canada | 1.9% | 2.0% | 2.0% |
| Australia | 2.6% | 2.6% | 2.5% |
| New Zealand | 2.6% | 2.1% | 2.0% |
| 2025 | 2026 | 2027 | |
| China | 0.2% | 0.8% | 1.0% |
| India | 2.0% | 3.5% | 4.0% |
| Indonesia | 1.8% | 1.8% | 2.0% |
| Malaysia | 1.6% | 1.6% | 1.8% |
| Philippines | 1.8% | 3.0% | 3.0% |
| Singapore | 0.6% | 1.0% | 1.5% |
| South Korea | 2.0% | 2.0% | 2.0% |
| Taiwan | 1.7% | 1.7% | 1.7% |
| Thailand | 0.0% | 1.0% | 1.2% |
| Vietnam | 3.5% | 4.5% | 4.0% |
| 2025 | 2026 | 2027 | |
| Bahrain | 0.3% | 1.2% | 1.6% |
| Czech Republic | 2.5% | 2.2% | 2.3% |
| Egypt | 17.6% | 11.4% | 9.3% |
| Hungary | 4.5% | 3.6% | 3.4% |
| Iraq | 1.5% | 2.5% | 1.7% |
| Israel | 3.1% | 2.2% | 2.1% |
| Jordan | 2.1% | 2.2% | 2.1% |
| Kenya | 4.1% | 5.3% | 5.1% |
| Kuwait | 2.3% | 2.3% | 2.2% |
| Morocco | 1.2% | 1.8% | 2.0% |
| Nigeria | 21.9% | 19.4% | 14.9% |
| Oman | 0.9% | 1.4% | 1.5% |
| Poland | 3.8% | 2.8% | 2.7% |
| Romania | 7.3% | 6.5% | 3.8% |
| Qatar | 0.4% | 2.2% | 2.3% |
| Russia | 8.9% | 5.6% | 4.3% |
| Saudi Arabia | 2.1% | 2.0% | 2.0% |
| South Africa | 3.3% | 3.6% | 3.3% |
| Turkey | 35.0% | 25.0% | 20.0% |
| Ukraine | 12.9% | 7.6% | 5.7% |
| UAE | 1.7% | 2.1% | 2.0% |
| Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 | |
| Fed | 3.38% | 3.13% | 2.88% | 2.88% |
| BoJ | 0.75% | 1.00% | 1.00% | 1.25% |
| ECB | 2.00% | 1.75% | 1.75% | 1.75% |
| BoE | 3.50% | 3.25% | 3.25% | 3.25% |
| SNB | 0.00% | -0.25% | -0.25% | -0.25% |
| Norges Bank | 4.00% | 3.75% | 3.75% | 3.50% |
| Riksbank | 1.75% | 1.75% | 1.75% | 1.75% |
| BoC | 2.25% | 2.00% | 2.00% | 2.00% |
| RBA | 3.60% | 3.60% | 3.60% | 3.60% |
| RBNZ | 2.25% | 2.25% | 2.25% | 2.25% |
| Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | |
| China 7-day Reverse Repo | 1.40% | 1.25% | 1.10% | 1.10% |
| China 1-year LPR | 3.00% | 2.85% | 2.70% | 2.70% |
| India | 5.50% | 5.25% | 5.25% | 5.25% |
| Indonesia | 4.50% | 4.25% | 4.00% | 4.00% |
| Malaysia | 2.75% | 2.75% | 2.75% | 2.75% |
| Philippines | 4.50% | 4.25% | 4.25% | 4.25% |
| Singapore | 1.23% | 1.25% | 1.26% | 1.40% |
| South Korea | 2.50% | 2.25% | 2.25% | 2.25% |
| Taiwan | 2.00% | 1.88% | 1.75% | 1.75% |
| Thailand | 1.25% | 1.00% | 1.00% | 1.00% |
| Vietnam | 4.50% | 4.50% | 4.50% | 4.50% |
| Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 | |
| US 2-Year Govt. Yield | 3.38% | 3.25% | 3.13% | 3.13% |
| US 10-Year Govt. Yield | 3.88% | 3.75% | 3.63% | 3.63% |
| Euro-zone 2-Year Govt. Yield | 1.95% | 1.75% | 1.80% | 1.85% |
| Euro-zone 10-Year Govt. Yield | 2.60% | 2.55% | 2.50% | 2.60% |
| Japan 2-Year Govt. Yield | 1.10% | 1.20% | 1.30% | 1.40% |
| Japan 10-Year Govt. Yield | 1.80% | 1.90% | 1.90% | 2.10% |
| UK 2-Year Govt. Yield | 3.60% | 3.40% | 3.30% | 3.30% |
| UK 10-Year Govt. Yield | 4.40% | 4.30% | 4.30% | 4.30% |
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