Forecasts

Our global economic and financial forecasts

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

  • FX Rates

      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 263000 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
  • Growth (GDP)

      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%
  • Inflation (CPI)

      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%
  • Policy Rates

      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%
  • Govt. Bond Yields

      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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I also understand that all materials on this website are not investment research or investment advice.