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: 16 May 2025
| Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
| USD/JPY | 144.00 | 142.00 | 140.00 | 138.00 |
| EUR/USD | 1.1200 | 1.1500 | 1.1800 | 1.2000 |
| GBP/USD | 1.3180 | 1.3370 | 1.3640 | 1.3790 |
| USD/CNY | 7.2000 | 7.2500 | 7.3000 | 7.3000 |
| AUD/USD | 0.6200 | 0.6300 | 0.6500 | 0.6600 |
| NZD/USD | 0.5800 | 0.5900 | 0.6000 | 0.6200 |
| USD/CAD | 1.4000 | 1.3800 | 1.3600 | 1.3500 |
| USD/NOK | 10.536 | 10.435 | 10.000 | 9.583 |
| USD/SEK | 9.911 | 9.739 | 9.322 | 8.917 |
| USD/CHF | 0.8300 | 0.8170 | 0.8050 | 0.7920 |
| USD/CZK | 22.230 | 21.570 | 20.930 | 20.500 |
| USD/HUF | 361.60 | 356.50 | 351.70 | 345.80 |
| USD/PLN | 3.7950 | 3.6960 | 3.6440 | 3.5830 |
| USD/RON | 4.4460 | 4.3390 | 4.2460 | 4.1920 |
| USD/RUB | 81.59 | 78.69 | 79.56 | 82.57 |
| USD/ZAR | 18.750 | 19.250 | 19.000 | 18.750 |
| USD/TRY | 40.000 | 41.500 | 44.000 | 46.000 |
| USD/INR | 85.000 | 84.500 | 84.000 | 83.500 |
| USD/IDR | 16625 | 16410 | 16200 | 16100 |
| USD/MYR | 4.3900 | 4.4100 | 4.4500 | 4.3100 |
| USD/PHP | 56.300 | 55.600 | 55.000 | 54.500 |
| USD/SGD | 1.3300 | 1.3400 | 1.3500 | 1.3100 |
| USD/KRW | 1445.0 | 1455.0 | 1445.0 | 1435.0 |
| USD/TWD | 32.600 | 32.800 | 32.600 | 32.500 |
| USD/THB | 34.000 | 34.100 | 34.400 | 33.400 |
| USD/VND | 26200 | 26300 | 26400 | 26400 |
| USD/ARS | 1225.0 | 1275.00 | 1325.0 | 1400.0 |
| USD/BRL | 5.7000 | 5.8000 | 5.9000 | 5.8000 |
| USD/CLP | 960.0 | 980.0 | 990.0 | 980.0 |
| USD/MXN | 20.000 | 19.750 | 19.500 | 19.000 |
| USD/SAR | 3.7500 | 3.7500 | 3.7500 | 3.7500 |
| USD/EGP | 50.800 | 51.000 | 51.200 | 51.400 |
| 2024 | 2025 | 2026 | |
| US | 2.8% | 1.5% | 1.6% |
| Japan | 0.1% | 1.0% | 0.6% |
| Euro area | 0.9% | 0.8% | 1.1% |
| Germany | -0.2% | 0.1% | 1.1% |
| France | 1.2% | 0.5% | 0.8% |
| Italy | 0.7% | 0.5% | 0.7% |
| UK | 1.1% | 1.2% | 1.3% |
| Switzerland | 1.3% | 1.3% | 1.2% |
| Norway | 0.6% | 1.2% | 1.4% |
| Sweden | 1.0% | 1.8% | 2.0% |
| Canada | 1.5% | 1.3% | 1.1% |
| Australia | 1.1% | 2.0% | 2.3% |
| New Zealand | -0.5% | 1.1% | 2.3% |
| 2024 | 2025 | 2026 | |
| China | 5.0% | 4.6% | 4.7% |
| India | 6.0% | 6.4% | 6.5% |
| Indonesia | 5.0% | 4.6% | 5.0% |
| Malaysia | 5.1% | 4.1% | 4.5% |
| Philippines | 5.6% | 6.1% | 6.5% |
| Singapore | 4.4% | 1.5% | 2.7% |
| South Korea | 2.1% | 1.6% | 2.0% |
| Taiwan | 4.6% | 3.1% | 2.5% |
| Thailand | 2.5% | 2.2% | 3.3% |
| Vietnam | 7.1% | 5.5% | 6.5% |
| 2024 | 2025 | 2026 | |
| Bahrain | 2.70% | 3.00% | 2.90% |
| Czech Rep. | -0.10% | 2.30% | 2.40% |
| Egypt | 4.10% | 4.20% | 4.80% |
| Hungary | 0.70% | 2.30% | 3.20% |
| Iraq | 0.03% | 4.07% | 5.20% |
| Israel | 0.50% | 3.50% | 3.90% |
| Jordan | 2.30% | 2.60% | 2.70% |
| Kenya | 5.00% | 5.00% | 5.30% |
| Kuwait | -0.90% | 3.00% | 2.90% |
| Morocco | 3.00% | 3.90% | 3.80% |
| Nigeria | 3.00% | 3.30% | 3.40% |
| Oman | 1.70% | 3.20% | 3.00% |
| Poland | 2.80% | 3.30% | 3.20% |
| Romania | 1.20% | 2.90% | 2.90% |
| Qatar | 2.00% | 2.70% | 5.20% |
| Russia | 3.60% | 1.60% | 1.40% |
| Saudi Arabia | 1.20% | 4.60% | 4.60% |
| South Africa | 0.70% | 1.70% | 1.90% |
| Turkey | 3.00% | 2.60% | 3.50% |
| Ukraine | 3.90% | 3.40% | 4.80% |
| UAE | 3.70% | 5.00% | 4.20% |
| 2024 | 2025 | 2026 | |
| US | 3.0% | 3.1% | 2.8% |
| Japan | 2.7% | 2.3% | 1.4% |
| Euro area | 2.4% | 2.0% | 2.0% |
| Germany | 2.5% | 2.2% | 2.1% |
| France | 2.3% | 1.1% | 1.7% |
| Italy | 1.1% | 1.9% | 1.7% |
| UK | 2.5% | 3.0% | 2.2% |
| Switzerland | 1.1% | 0.3% | 0.8% |
| Norway | 3.2% | 2.4% | 2.1% |
| Sweden | 2.9% | 1.1% | 1.7% |
| Canada | 2.4% | 2.2% | 2.1% |
| Australia | 3.2% | 2.4% | 2.5% |
| New Zealand | 2.9% | 2.0% | 2.0% |
| 2024 | 2025 | 2026 | |
| China | 0.2% | 1.0% | 1.7% |
| India | 4.7% | 4.1% | 4.3% |
| Indonesia | 2.3% | 1.8% | 3.0% |
| Malaysia | 1.8% | 1.6% | 2.4% |
| Philippines | 3.2% | 2.4% | 3.0% |
| Singapore | 2.4% | 1.1% | 1.8% |
| South Korea | 2.3% | 2.0% | 1.6% |
| Taiwan | 2.2% | 1.8% | 1.7% |
| Thailand | 0.4% | 1.0% | 2.0% |
| Vietnam | 3.6% | 3.9% | 3.5% |
| 2024 | 2025 | 2026 | |
| Bahrain | 1.0% | 1.7% | 1.9% |
| Czech Rep. | 2.5% | 2.3% | 2.1% |
| Egypt | 31.0% | 18.5% | 12.0% |
| Hungary | 3.7% | 4.2% | 3.5% |
| Iraq | 1.6% | 3.5% | 3.5% |
| Israel | 3.1% | 2.9% | 2.3% |
| Jordan | 1.5% | 2.0% | 2.2% |
| Kenya | 4.6% | 4.9% | 5.2% |
| Kuwait | 3.0% | 2.5% | 2.3% |
| Morocco | 1.6% | 2.2% | 2.1% |
| Nigeria | 32.6% | 25.8% | 15.0% |
| Oman | 0.7% | 1.3% | 1.2% |
| Poland | 3.8% | 4.4% | 3.2% |
| Romania | 5.5% | 3.9% | 3.9% |
| Qatar | 1.2% | 1.7% | 1.9% |
| Russia | 8.1% | 7.6% | 5.4% |
| Saudi Arabia | 1.7% | 1.9% | 1.9% |
| South Africa | 4.6% | 4.1% | 4.5% |
| Turkey | 59.9% | 32.5% | 21.0% |
| Ukraine | 6.1% | 11.6% | 6.7% |
| UAE | 2.2% | 2.0% | 2.1% |
| Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
| Fed | 4.38% | 3.88% | 3.38% | 3.38% |
| BoJ | 0.50% | 0.75% | 0.75% | 1.00% |
| ECB | 2.00% | 1.75% | 1.50% | 1.50% |
| BoE | 4.25% | 4.00% | 3.75% | 3.50% |
| SNB | 0.10% | 0.10% | 0.10% | 0.10% |
| Norges Bank | 4.25% | 4.00% | 3.75% | 3.75% |
| Riksbank | 2.25% | 2.00% | 2.00% | 2.00% |
| BoC | 2.25% | 2.00% | 2.00% | 2.00% |
| RBA | 3.85% | 3.60% | 3.35% | 3.35% |
| RBNZ | 3.25% | 3.00% | 2.75% | 2.75% |
| Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
| China 7-day Repo | 1.30% | 1.10% | 1.10% | 1.10% |
| China 1-year MLF | 1.70% | 1.50% | 1.50% | 1.50% |
| China 1-year LPR | 2.90% | 2.70% | 2.70% | 2.70% |
| India | 6.00% | 5.50% | 5.25% | 5.25% |
| Indonesia | 5.50% | 5.25% | 5.25% | 5.00% |
| Malaysia | 3.00% | 2.75% | 2.75% | 2.50% |
| Philippines | 5.50% | 5.25% | 4.75% | 4.75% |
| Singapore | 2.25% | 2.30% | 2.15% | 2.10% |
| South Korea | 2.50% | 2.25% | 2.00% | 2.00% |
| Taiwan | 2.00% | 1.88% | 1.75% | 1.75% |
| Thailand | 1.75% | 1.50% | 1.50% | 1.50% |
| Vietnam | 4.50% | 4.25% | 4.00% | 4.00% |
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
| Bahrain | 6.00% | 5.75% | 5.75% | 5.50% |
| Czech Rep. | 3.75% | 3.50% | 3.25% | 3.25% |
| Egypt | 25.00% | 22.00% | 20.00% | 18.25% |
| Hungary | 6.50% | 6.50% | 6.25% | 5.75% |
| Iraq | 4.00% | 3.00% | 3.00% | 3.00% |
| Israel | 4.50% | 4.50% | 4.25% | 4.00% |
| Jordan | 7.25% | 7.00% | 6.75% | 6.75% |
| Kenya | 10.75% | 10.50% | 10.25% | 9.75% |
| Kuwait | 4.00% | 3.75% | 3.65% | 3.50% |
| Morocco | 2.50% | 2.25% | 2.25% | 2.00% |
| Nigeria | 27.50% | 27.00% | 26.00% | 25.00% |
| Oman | 5.00% | 4.75% | 4.75% | 4.50% |
| Poland | 5.75% | 5.75% | 5.50% | 5.00% |
| Romania | 6.50% | 6.00% | 5.25% | 4.50% |
| Qatar | 4.85% | 4.50% | 4.50% | 4.25% |
| Russia | 21.00% | 19.00% | 18.00% | 17.00% |
| Saudi Arabia | 4.50% | 4.25% | 4.25% | 4.00% |
| South Africa | 7.50% | 7.50% | 7.25% | 7.00% |
| Turkey | 42.50% | 37.50% | 32.50% | 28.50% |
| Ukraine | 15.50% | 15.00% | 14.00% | 13.50% |
| UAE | 4.25% | 4.00% | 4.00% | 3.75% |
| Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
| US 2-Year Govt. Yield | 3.88% | 3.63% | 3.38% | 3.50% |
| US 10-Year Govt. Yield | 4.25% | 4.38% | 4.25% | 4.00% |
| Euro-zone 2-Year Govt. Yield | 1.80% | 1.60% | 1.55% | 1.60% |
| Euro-zone 10-Year Govt. Yield | 2.40% | 2.30% | 2.50% | 2.80% |
| Japan 2-Year Govt. Yield | 0.70% | 0.80% | 0.95% | 1.05% |
| Japan 10-Year Govt. Yield | 1.35% | 1.50% | 1.60% | 1.70% |
| UK 2-Year Govt. Yield | 4.00% | 3.70% | 3.70% | 3.60% |
| UK 10-Year Govt. Yield | 4.50% | 4.20% | 4.20% | 4.30% |
| Unit | Q2-25 | Q3-25 | Q4-25 | Q1-26 | Q2-26 | Q3-26 | Q4-26 | 2025 | 2026 | 2027 | ||
| US Natural Gas | USD/MMBtu | 3.6 | 3.75 | 4.00 | 4.15 | 4.25 | 4.05 | 4.20 | 3.78 | 4.16 | 4.25 | |
| EU Natural Gas | EUR/MWh | 38.00 | 33.00 | 29.00 | 31.00 | 28.00 | 24.00 | 23.00 | 36.68 | 26.50 | 29.00 | |
| WTI Crude | USD/b | 60.00 | 58.00 | 57.00 | 59.00 | 57.00 | 58.00 | 55.00 | 61.26 | 57.25 | 60.00 | |
| Brent Crude | USD/b | 65.00 | 63.00 | 62.00 | 64.00 | 62.00 | 63.00 | 60.00 | 65.92 | 62.25 | 65.00 | |
| EU ETS EUA | EUR/MT | 70.00 | 72.00 | 70.00 | 73.00 | 75.00 | 78.00 | 80.00 | 71.78 | 76.50 | 80.00 | |
| Copper | USD/lb | 9,150 | 9,250 | 9,750 | 10,050 | 10,250 | 10,550 | 10,850 | 9,390 | 10,425 | 11,500 | |
| Aluminium | USD/MT | 2,450 | 2,600 | 2,775 | 2,950 | 3,050 | 3,200 | 3,275 | 2,612 | 3,119 | 3,200 | |
| Zinc | USD/MT | 2,600 | 2,725 | 2,775 | 2,825 | 2,850 | 2,925 | 2,950 | 2,743 | 2,888 | 3,050 | |
| Nickel | USD/MT | 15,800 | 16,250 | 16,500 | 16,750 | 16,800 | 16,500 | 16,250 | 16,084 | 16,575 | 16,750 | |
| Gold | USD/t oz | 3,375 | 3,600 | 3,850 | 3,950 | 4,050 | 4,250 | 4,350 | 3,421 | 4,150 | 4,025 | |
| Silver | USD/t oz | 33.50 | 34.75 | 35.50 | 36.75 | 38.00 | 38.25 | 38.75 | 34.17 | 37.94 | 36.50 | |
| Platinum | USD/t oz | 975 | 1,020 | 1,045 | 1,075 | 1,125 | 1,180 | 1,225 | 1,009 | 1,151 | 1,175 | |
| Palladium | USD/t oz | 960 | 925 | 900 | 875 | 890 | 925 | 900 | 940 | 898 | 925 | |
| Hard Coking Coal | USD/MT | 175.00 | 180.00 | 175.00 | 195.00 | 200.00 | 205.00 | 195.00 | 180.25 | 198.75 | 225.00 | |
| Iron Ore | USD/MT | 97.50 | 100.00 | 105.00 | 100.00 | 95.00 | 97.50 | 95.00 | 101.02 | 96.88 | 95.00 | |
| Soybean | USD/bu | 1,015 | 1,025 | 1,000 | 975 | 980 | 1,020 | 1,000 | 1,023 | 993.75 | 975 | |
| Wheat | USD/bu | 550.00 | 545.00 | 560.00 | 585.00 | 575.00 | 600.00 | 580.00 | 558.33 | 585.00 | 575.00 | |
| Corn | USD/bu | 480.00 | 470.00 | 460.00 | 445.00 | 440.00 | 450.00 | 445.00 | 473.95 | 445.00 | 460.00 | |
| Cotton | USD/lb | 65.50 | 67.00 | 68.00 | 69.50 | 71.50 | 72.00 | 73.00 | 67.26 | 71.50 | 70.00 | |
| Coffee | USD/lb | 380.00 | 375.00 | 390.00 | 375.00 | 350.00 | 400.00 | 425.00 | 376.74 | 387.50 | 395.00 | |
| Sugar | USD/lb | 18.00 | 17.75 | 18.50 | 19.25 | 19.75 | 20.25 | 20.50 | 18.10 | 19.94 | 20.50 |
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I also understand that all materials on this website are not investment research or investment advice.