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: 04 June 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 | 1.3330 | 1.3530 | 1.3640 | 1.3790 |
| USD/CNY | 7.2000 | 7.2500 | 7.3000 | 7.3000 |
| AUD/USD | 0.6300 | 0.6400 | 0.6500 | 0.6600 |
| NZD/USD | 0.5800 | 0.5900 | 0.6000 | 0.6200 |
| USD/CAD | 1.3800 | 1.3700 | 1.3500 | 1.3400 |
| USD/NOK | 10.357 | 10.174 | 9.831 | 9.583 |
| USD/SEK | 9.732 | 9.391 | 9.068 | 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 | 4.5180 | 4.4170 | 4.3220 | 4.2670 |
| USD/RUB | 80.65 | 80.56 | 80.48 | 82.57 |
| USD/ZAR | 18.000 | 17.750 | 17.500 | 17.250 |
| USD/TRY | 40.000 | 42.500 | 45.000 | 47.000 |
| USD/INR | 85.000 | 84.500 | 84.000 | 83.500 |
| USD/IDR | 16350 | 16410 | 16300 | 16100 |
| USD/MYR | 4.2000 | 4.2300 | 4.1900 | 4.1500 |
| USD/PHP | 55.600 | 55.000 | 54.500 | 54.500 |
| USD/SGD | 1.3000 | 1.3150 | 1.3350 | 1.3200 |
| USD/KRW | 1375.0 | 1390.0 | 1390.0 | 1400.0 |
| USD/TWD | 30.000 | 30.500 | 30.300 | 30.100 |
| USD/THB | 32.900 | 33.200 | 33.500 | 33.100 |
| USD/VND | 26200 | 26300 | 26300 | 26300 |
| USD/ARS | 1225.0 | 1275.00 | 1325.0 | 1400.0 |
| USD/BRL | 5.7000 | 5.7000 | 5.8000 | 5.8000 |
| USD/CLP | 950.0 | 960.0 | 970.0 | 980.0 |
| USD/MXN | 19.750 | 19.500 | 19.250 | 19.250 |
| 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% | 0.4% | 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% | 4.6% |
| India | 6.0% | 6.2% | 6.7% |
| 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% | 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% | 0.4% | 1.0% |
| India | 4.6% | 3.4% | 4.2% |
| 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% | 1.0% | 1.0% |
| Vietnam | 3.6% | 3.5% | 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 | 4.33% | 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 | 0.00% | -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 | 3.85% | 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 LPR | 3.00% | 2.80% | 2.80% | 2.80% |
| India | 5.50% | 5.50% | 5.25% | 5.25% |
| Indonesia | 5.50% | 5.25% | 5.25% | 5.00% |
| Malaysia | 3.00% | 3.00% | 3.00% | 2.75% |
| 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 | 4.50% | 4.40% | 4.30% | 4.30% |
| Euro-zone 2-Year Govt. Yield | 1.80% | 1.70% | 1.55% | 1.65% |
| Euro-zone 10-Year Govt. Yield | 2.40% | 2.30% | 2.50% | 2.65% |
| Japan 2-Year Govt. Yield | 0.80% | 0.90% | 1.10% | 1.30% |
| Japan 10-Year Govt. Yield | 1.50% | 1.60% | 1.70% | 1.80% |
| UK 2-Year Govt. Yield | 4.00% | 3.90% | 3.80% | 3.70% |
| UK 10-Year Govt. Yield | 4.50% | 4.40% | 4.30% | 4.30% |
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