Find out what our economists and strategists are expecting over coming quarters.
We finished second in the latest Bloomberg FX Forecast Accuracy Poll for G10 FX & 13 FX Majors in Q4 2025.
Latest FX forecast update: 01 April 2026
G10 GDP & CPI: Our central scenario as of 1 April 2026
| Q2 2026 | Q3 2026 | Q4 2026 | Q1 2027 | |
| DXY | 100.040 | 97.880 | 96.430 | 96.340 |
| USD/JPY | 158.00 | 156.00 | 154.00 | 152.00 |
| EUR/USD | 1.1500 | 1.1800 | 1.2000 | 1.2000 |
| GBP/USD | 1.3070 | 1.3330 | 1.3480 | 1.3330 |
| USD/CNY | 6.8500 | 6.8300 | 6.8000 | 6.7800 |
| AUD/USD | 0.7000 | 0.7100 | 0.7200 | 0.7200 |
| NZD/USD | 0.5800 | 0.5900 | 0.6000 | 0.6000 |
| USD/CAD | 1.3700 | 1.3600 | 1.3500 | 1.3400 |
| USD/NOK | 9.7390 | 9.5760 | 9.5000 | 9.5000 |
| USD/SEK | 9.4780 | 9.1530 | 8.9170 | 8.9170 |
| USD/CHF | 0.7870 | 0.7710 | 0.7630 | 0.7670 |
| USD/CZK | 21.390 | 20.760 | 20.330 | 20.250 |
| USD/HUF | 330.40 | 317.80 | 312.50 | 316.70 |
| USD/PLN | 3.7390 | 3.6270 | 3.5500 | 3.5330 |
| USD/RON | 4.4430 | 4.3390 | 4.2670 | 4.2920 |
| USD/RUB | 80.090 | 79.560 | 79.820 | 81.650 |
| USD/ZAR | 17.300 | 17.000 | 16.700 | 16.400 |
| USD/TRY | 46.500 | 48.500 | 50.500 | 52.000 |
| USD/INR | 94.500 | 94.000 | 94.500 | 95.000 |
| USD/IDR | 17000 | 16850 | 16700 | 16600 |
| USD/MYR | 4.0500 | 3.9500 | 3.8000 | 3.7500 |
| USD/PHP | 60.500 | 60.000 | 59.500 | 59.500 |
| USD/SGD | 1.3000 | 1.2900 | 1.2600 | 1.2500 |
| USD/KRW | 1510.0 | 1490.0 | 1470.0 | 1460.0 |
| USD/TWD | 31.800 | 31.500 | 31.300 | 31.100 |
| USD/THB | 33.900 | 33.600 | 32.300 | 32.100 |
| USD/VND | 26400 | 26500 | 26600 | 26700 |
| USD/ARS | 1450.0 | 1550.00 | 1650.0 | 1700.0 |
| USD/BRL | 5.3000 | 5.3500 | 5.2500 | 5.2000 |
| USD/CLP | 930.00 | 910.00 | 890.00 | 870.00 |
| USD/MXN | 18.000 | 17.750 | 17.500 | 17.500 |
| USD/SAR | 3.7500 | 3.7500 | 3.7500 | 3.7500 |
| USD/EGP | 48.500 | 50.000 | 51.500 | 53.000 |
| 2025 | 2026 | 2027 | |
| US | 2.1% | 2.2% | 2.1% |
| Japan | 0.8% | 0.3% | 0.9% |
| Euro area | 1.4% | 0.7% | 1.2% |
| Germany | 0.2% | 0.5% | 1.2% |
| France | 0.8% | 0.6% | 0.9% |
| Italy | 0.5% | 0.4% | 0.6% |
| UK | 1.4% | 0.5% | 1.2% |
| Switzerland | 1.3% | 0.9% | 1.3% |
| Norway | 1.8% | 1.7% | 1.7% |
| Sweden | 1.8% | 1.5% | 1.7% |
| Canada | 1.7% | 1.0% | 1.6% |
| Australia | 2.0% | 1.9% | 2.0% |
| New Zealand | 0.2% | 1.8% | 2.3% |
| 2025 | 2026 | 2027 | |
| China | 5.0% | 4.9% | 4.8% |
| India | 7.6% | 7.0% | 6.8% |
| Indonesia | 5.0% | 5.0% | 5.0% |
| Malaysia | 4.7% | 4.5% | 4.5% |
| Philippines | 4.7% | 5.1% | 5.4% |
| Singapore | 4.4% | 3.2% | 2.4% |
| South Korea | 1.0% | 2.0% | 2.2% |
| Taiwan | 8.6% | 3.8% | 2.7% |
| Thailand | 2.2% | 1.8% | 2.2% |
| Vietnam | 7.7% | 8.2% | 7.5% |
| 2025 | 2026 | 2027 | |
| Bahrain | 2.8% | 3.2% | 3.0% |
| Czech Republic | 2.4% | 2.2% | 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 | 2.7% | 2.9% | 2.9% |
| Kenya | 4.9% | 5.0% | 5.1% |
| Kuwait | 2.6% | 3.6% | 2.8% |
| Morocco | 4.6% | 4.1% | 4.0% |
| Nigeria | 3.9% | 4.2% | 3.9% |
| Oman | 2.7% | 3.6% | 3.3% |
| Poland | 3.3% | 3.3% | 2.9% |
| Romania | 1.0% | 1.4% | 2.8% |
| Qatar | 2.8% | 5.6% | 7.5% |
| Russia | 0.7% | 1.0% | 1.2% |
| Saudi Arabia | 4.3% | 4.2% | 3.4% |
| South Africa | 1.2% | 1.4% | 1.7% |
| Turkey | 3.6% | 3.6% | 3.9% |
| Ukraine | 1.9% | 3.5% | 4.1% |
| UAE | 4.7% | 5.0% | 4.4% |
| 2025 | 2026 | 2027 | |
| US | 2.7% | 3.1% | 2.3% |
| Japan | 3.2% | 2.6% | 2.3% |
| Euro area | 2.1% | 2.9% | 2.2% |
| Germany | 2.3% | 3.1% | 2.4% |
| France | 0.9% | 1.8% | 1.9% |
| Italy | 1.6% | 2.4% | 2.0% |
| UK | 3.4% | 3.5% | 2.4% |
| Switzerland | 0.2% | 0.9% | 1.0% |
| Norway | 3.1% | 3.0% | 2.5% |
| Sweden | 0.7% | 2.4% | 2.3% |
| Canada | 2.1% | 2.6% | 2.2% |
| Australia | 2.8% | 3.9% | 2.9% |
| New Zealand | 2.8% | 2.9% | 2.3% |
| 2025 | 2026 | 2027 | |
| China | 0.1% | 0.8% | 1.0% |
| India | 1.6% | 3.8% | 4.3% |
| Indonesia | 1.9% | 2.8% | 2.8% |
| Malaysia | 1.6% | 1.6% | 1.8% |
| Philippines | 1.8% | 2.4% | 2.8% |
| Singapore | 0.9% | 1.2% | 1.5% |
| South Korea | 2.1% | 2.0% | 2.0% |
| Taiwan | 1.5% | 1.6% | 1.6% |
| Thailand | -0.1% | 0.5% | 1.2% |
| Vietnam | 3.3% | 3.8% | 4.3% |
| 2025 | 2026 | 2027 | |
| Bahrain | 0.2% | 1.1% | 1.5% |
| Czech Republic | 2.5% | 2.2% | 2.3% |
| Egypt | 17.4% | 11.8% | 9.4% |
| Hungary | 4.5% | 3.5% | 3.3% |
| Iraq | 1.5% | 2.5% | 1.7% |
| Israel | 3.1% | 2.1% | 2.1% |
| Jordan | 2.0% | 2.3% | 2.2% |
| Kenya | 4.0% | 5.0% | 5.1% |
| Kuwait | 2.3% | 2.3% | 2.2% |
| Morocco | 1.2% | 1.8% | 2.0% |
| Nigeria | 22.2% | 19.0% | 14.9% |
| Oman | 0.9% | 1.5% | 1.8% |
| Poland | 3.8% | 2.7% | 2.7% |
| Romania | 7.3% | 6.6% | 3.8% |
| Qatar | 0.3% | 2.2% | 2.3% |
| Russia | 8.9% | 5.4% | 4.3% |
| Saudi Arabia | 2.1% | 2.0% | 2.0% |
| South Africa | 3.3% | 3.5% | 3.3% |
| Turkey | 34.9% | 24.9% | 19.7% |
| Ukraine | 12.8% | 7.4% | 5.7% |
| UAE | 1.6% | 2.0% | 2.0% |
| Q2 2026 | Q3 2026 | Q4 2026 | Q1 2027 | |
| Fed | 3.64% | 3.13% | 2.88% | 2.88% |
| BoJ | 1.00% | 1.00% | 1.25% | 1.25% |
| ECB | 2.50% | 2.50% | 2.50% | 2.50% |
| BoE | 4.00% | 4.00% | 4.00% | 3.75% |
| SNB | 0.00% | 0.00% | 0.00% | 0.00% |
| Norges Bank | 4.25% | 4.50% | 4.50% | 4.50% |
| Riksbank | 1.75% | 2.00% | 2.00% | 2.00% |
| BoC | 2.25% | 2.25% | 2.25% | 2.25% |
| RBA | 4.35% | 4.35% | 4.35% | 4.35% |
| RBNZ | 2.25% | 2.50% | 2.50% | 2.50% |
| Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 | |
| China 7-day Reverse Repo | 1.30% | 1.10% | 1.10% | 1.10% |
| China 1-year LPR | 2.90% | 2.70% | 2.70% | 2.70% |
| India | 5.25% | 5.25% | 5.25% | 5.25% |
| Indonesia | 4.25% | 4.00% | 4.00% | 4.00% |
| Malaysia | 2.75% | 2.75% | 2.75% | 2.75% |
| Philippines | 4.25% | 4.00% | 4.00% | 4.00% |
| Singapore | 1.14% | 1.24% | 1.38% | 1.49% |
| South Korea | 2.50% | 2.50% | 2.50% | 2.50% |
| Taiwan | 2.00% | 2.00% | 1.88% | 1.88% |
| Thailand | 1.00% | 1.00% | 1.00% | 1.00% |
| Vietnam | 4.50% | 4.50% | 4.75% | 4.75% |
| Q2 2026 | Q3 2026 | Q4 2026 | Q1 2027 | |
| US 2-Year Govt. Yield | 3.50% | 3.13% | 3.00% | 3.00% |
| US 10-Year Govt. Yield | 4.00% | 3.75% | 3.75% | 3.75% |
| Euro-zone 2-Year Govt. Yield | 2.70% | 2.60% | 2.50% | 2.30% |
| Euro-zone 10-Year Govt. Yield | 3.00% | 2.90% | 2.80% | 2.70% |
| Japan 2-Year Govt. Yield | 1.50% | 1.50% | 1.60% | 1.70% |
| Japan 10-Year Govt. Yield | 2.50% | 2.50% | 2.60% | 2.60% |
| UK 2-Year Govt. Yield | 4.40% | 4.30% | 3.90% | 3.60% |
| UK 10-Year Govt. Yield | 4.90% | 4.70% | 4.60% | 4.40% |
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