Find out what our economists and strategists are expecting over coming quarters.
Latest FX forecast update: 03 November 2025
| Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | |
| DXY | 96.350 | 94.460 | 93.130 | 92.310 |
| USD/JPY | 152.00 | 150.00 | 148.00 | 146.00 |
| EUR/USD | 1.2000 | 1.2300 | 1.2500 | 1.2600 |
| GBP/USD | 1.3640 | 1.3820 | 1.3890 | 1.4000 |
| USD/CNY | 7.1000 | 7.0500 | 7.0000 | 6.9500 |
| AUD/USD | 0.6700 | 0.6800 | 0.6900 | 0.6900 |
| NZD/USD | 0.5900 | 0.6000 | 0.6200 | 0.6200 |
| USD/CAD | 1.3700 | 1.3600 | 1.3400 | 1.3300 |
| USD/NOK | 9.7500 | 9.5120 | 9.2800 | 9.2060 |
| USD/SEK | 9.0830 | 8.7800 | 8.6000 | 8.4920 |
| USD/CHF | 0.7670 | 0.7640 | 0.7600 | 0.7540 |
| USD/CZK | 20.250 | 19.590 | 19.200 | 18.970 |
| USD/HUF | 325.00 | 315.40 | 308.00 | 305.60 |
| USD/PLN | 3.5330 | 3.4550 | 3.4080 | 3.3970 |
| USD/RON | 4.2420 | 4.1540 | 4.0960 | 4.0790 |
| USD/RUB | 79.820 | 83.370 | 85.390 | 86.840 |
| USD/ZAR | 17.300 | 17.100 | 16.900 | 16.800 |
| USD/TRY | 43.250 | 45.000 | 47.000 | 49.000 |
| USD/INR | 88.800 | 88.800 | 88.500 | 88.500 |
| USD/IDR | 16900 | 17000 | 16850 | 16700 |
| USD/MYR | 4.1500 | 4.0800 | 4.0600 | 4.0600 |
| USD/PHP | 58.700 | 58.000 | 58.000 | 58.500 |
| USD/SGD | 1.3000 | 1.3100 | 1.3000 | 1.2900 |
| USD/KRW | 1410.0 | 1400.0 | 1390.0 | 1380.0 |
| USD/TWD | 30.500 | 30.300 | 30.100 | 30.000 |
| USD/THB | 32.500 | 32.400 | 32.300 | 32.300 |
| USD/VND | 26500 | 26600 | 26700 | 26800 |
| USD/ARS | 1500.0 | 1650.0 | 1750.0 | 1800.0 |
| USD/BRL | 5.3500 | 5.3000 | 5.2500 | 5.2000 |
| USD/CLP | 945.00 | 935.00 | 935.00 | 935.00 |
| USD/MXN | 18.500 | 18.250 | 18.000 | 18.000 |
| USD/SAR | 3.7500 | 3.7500 | 3.7500 | 3.7500 |
| USD/EGP | 48.800 | 49.500 | 50.300 | 51.000 |
| 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% |
| 2024 | 2025 | 2026 | |
| China | 5.0% | 4.9% | 4.6% |
| India | 6.5% | 6.6% | 6.4% |
| Indonesia | 5.0% | 5.0% | 5.0% |
| Malaysia | 5.1% | 4.5% | 4.1% |
| Philippines | 5.6% | 5.5% | 5.5% |
| Singapore | 4.4% | 1.9% | 1.8% |
| South Korea | 2.1% | 1.0% | 1.6% |
| Taiwan | 4.6% | 4.6% | 2.5% |
| Thailand | 2.5% | 2.2% | 2.2% |
| Vietnam | 7.1% | 6.9% | 7.4% |
| 2025 | 2026 | 2027 | |
| Turkey | 3.5% | 3.0% | 3.5% |
| 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% |
| 2024 | 2025 | 2026 | |
| China | 0.2% | 0.2% | 0.8% |
| India | 4.6% | 2.0% | 3.5% |
| Indonesia | 2.3% | 1.8% | 1.8% |
| Malaysia | 1.8% | 1.6% | 1.6% |
| Philippines | 3.2% | 1.8% | 3.0% |
| Singapore | 2.4% | 0.6% | 1.0% |
| South Korea | 2.3% | 2.0% | 1.9% |
| Taiwan | 2.2% | 1.7% | 1.7% |
| Thailand | 0.4% | 0.0% | 1.0% |
| Vietnam | 3.6% | 3.5% | 4.5% |
| 2025 | 2026 | 2027 | |
| Turkey | 35.0% | 25.0% | 20.0% |
| Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | |
| Fed | 3.63% | 3.38% | 3.13% | 2.88% |
| BoJ | 0.50% | 0.75% | 0.75% | 1.00% |
| ECB | 2.00% | 2.00% | 1.75% | 1.75% |
| BoE | 3.75% | 3.50% | 3.25% | 3.25% |
| SNB | 0.00% | -0.25% | -0.25% | -0.25% |
| Norges Bank | 4.00% | 4.00% | 3.75% | 3.75% |
| Riksbank | 1.75% | 1.75% | 1.75% | 1.75% |
| BoC | 2.25% | 2.00% | 2.00% | 2.00% |
| RBA | 3.60% | 3.35% | 3.35% | 3.35% |
| RBNZ | 2.25% | 2.25% | 2.25% | 2.25% |
| Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | |
| China 7-day Reverse Repo | 1.25% | 1.10% | 1.10% | 1.10% |
| China 1-year LPR | 2.85% | 2.70% | 2.70% | 2.70% |
| India | 5.25% | 5.00% | 5.00% | 5.00% |
| Indonesia | 4.25% | 4.00% | 4.00% | 4.00% |
| Malaysia | 2.75% | 2.75% | 2.75% | 2.75% |
| Philippines | 4.50% | 4.50% | 4.25% | 4.25% |
| Singapore | 1.37% | 1.34% | 1.26% | 1.40% |
| South Korea | 2.25% | 2.00% | 1.75% | 1.75% |
| Taiwan | 2.00% | 1.88% | 1.75% | 1.63% |
| Thailand | 1.25% | 1.00% | 1.00% | 1.00% |
| Vietnam | 4.50% | 4.50% | 4.50% | 4.50% |
| Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | |
| US 2-Year Govt. Yield | 3.50% | 3.38% | 3.25% | 3.13% |
| US 10-Year Govt. Yield | 4.00% | 3.88% | 3.75% | 3.63% |
| Euro-zone 2-Year Govt. Yield | 1.95% | 1.85% | 1.80% | 1.80% |
| Euro-zone 10-Year Govt. Yield | 2.70% | 2.60% | 2.55% | 2.50% |
| Japan 2-Year Govt. Yield | 0.95% | 1.05% | 1.15% | 1.30% |
| Japan 10-Year Govt. Yield | 1.60% | 1.80% | 1.80% | 1.90% |
| UK 2-Year Govt. Yield | 3.80% | 3.70% | 3.50% | 3.40% |
| UK 10-Year Govt. Yield | 4.50% | 4.40% | 4.30% | 4.30% |
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