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: 02 February 2026
| Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 | |
| DXY | 96.040 | 94.820 | 93.450 | 92.720 |
| USD/JPY | 152.00 | 150.00 | 148.00 | 146.00 |
| EUR/USD | 1.2000 | 1.2200 | 1.2400 | 1.2500 |
| GBP/USD | 1.3790 | 1.3790 | 1.3930 | 1.3890 |
| USD/CNY | 6.9500 | 6.9000 | 6.8500 | 6.8000 |
| AUD/USD | 0.7000 | 0.7100 | 0.7200 | 0.7300 |
| NZD/USD | 0.6000 | 0.6100 | 0.6200 | 0.6250 |
| USD/CAD | 1.3600 | 1.3600 | 1.3500 | 1.3400 |
| USD/NOK | 9.6670 | 9.5900 | 9.4350 | 9.4400 |
| USD/SEK | 8.8330 | 8.6070 | 8.3870 | 8.2400 |
| USD/CHF | 0.7670 | 0.7580 | 0.7500 | 0.7440 |
| USD/CZK | 20.170 | 19.670 | 19.270 | 19.040 |
| USD/HUF | 316.70 | 307.40 | 298.40 | 300.00 |
| USD/PLN | 3.5000 | 3.4340 | 3.3630 | 3.3200 |
| USD/RON | 4.2580 | 4.1970 | 4.1290 | 4.1200 |
| USD/RUB | 76.150 | 77.340 | 78.520 | 80.900 |
| USD/ZAR | 16.000 | 15.500 | 15.250 | 15.000 |
| USD/TRY | 44.500 | 46.500 | 48.500 | 50.000 |
| USD/INR | 89.500 | 91.500 | 93.000 | 93.000 |
| USD/IDR | 16900 | 17000 | 16850 | 16700 |
| USD/MYR | 3.8500 | 3.8000 | 3.7500 | 3.7000 |
| USD/PHP | 59.000 | 59.300 | 59.700 | 60.000 |
| USD/SGD | 1.2500 | 1.2400 | 1.2300 | 1.2200 |
| USD/KRW | 1415.0 | 1405.0 | 1395.0 | 1385.0 |
| USD/TWD | 31.100 | 30.900 | 30.700 | 30.500 |
| USD/THB | 31.100 | 30.900 | 30.700 | 30.500 |
| USD/VND | 26100 | 26250 | 26450 | 26600 |
| USD/ARS | 1500.0 | 1600.00 | 1700.0 | 1800.0 |
| USD/BRL | 5.2000 | 5.1000 | 5.3000 | 5.3500 |
| USD/CLP | 870.00 | 850.00 | 830.00 | 810.00 |
| USD/MXN | 17.500 | 17.250 | 17.000 | 16.750 |
| USD/SAR | 3.7500 | 3.7500 | 3.7500 | 3.7500 |
| USD/EGP | 47.900 | 49.800 | 51.300 | 53.000 |
| 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% |
| 2025 | 2026 | 2027 | |
| China | 4.9% | 4.9% | 4.8% |
| India | 7.6% | 7.1% | 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 | 7.1% | 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 | 2.8% | 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% |
| 2025 | 2026 | 2027 | |
| China | 0.1% | 0.8% | 1.0% |
| India | 1.6% | 3.8% | 4.3% |
| Indonesia | 1.8% | 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% |
| Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 | |
| Fed | 3.63% | 3.13% | 2.88% | 2.88% |
| BoJ | 0.75% | 1.00% | 1.00% | 1.25% |
| ECB | 2.00% | 2.00% | 2.00% | 2.00% |
| BoE | 3.75% | 3.50% | 3.25% | 3.25% |
| SNB | 0.00% | 0.00% | 0.00% | 0.00% |
| Norges Bank | 4.00% | 3.75% | 3.75% | 3.50% |
| Riksbank | 1.75% | 1.75% | 1.75% | 1.75% |
| BoC | 2.25% | 2.25% | 2.25% | 2.25% |
| RBA | 3.85% | 3.85% | 3.85% | 3.85% |
| RBNZ | 2.25% | 2.25% | 2.25% | 2.50% |
| Q1 2026 | Q2 2026 | Q3 2026 | Q4 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% | 5.25% | 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% | 4.25% | 4.25% | 4.25% |
| Singapore | 1.25% | 1.26% | 1.40% | 1.50% |
| South Korea | 2.25% | 2.25% | 2.25% | 2.25% |
| 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% |
| Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 | |
| US 2-Year Govt. Yield | 3.50% | 3.25% | 3.00% | 2.88% |
| US 10-Year Govt. Yield | 4.13% | 4.00% | 3.75% | 3.63% |
| Euro-zone 2-Year Govt. Yield | 2.05% | 2.05% | 2.10% | 2.20% |
| Euro-zone 10-Year Govt. Yield | 2.90% | 2.85% | 2.80% | 2.75% |
| Japan 2-Year Govt. Yield | 1.30% | 1.40% | 1.50% | 1.60% |
| Japan 10-Year Govt. Yield | 2.30% | 2.50% | 2.50% | 2.60% |
| UK 2-Year Govt. Yield | 3.65% | 3.45% | 3.30% | 3.30% |
| UK 10-Year Govt. Yield | 4.45% | 4.35% | 4.30% | 4.25% |
I understand that any materials on this website have been produced only for persons regarded as professional investors (or equivalent) in their home jurisdiction and in jurisdictions which the MUFG entity producing the material is permitted to do so under applicable laws, rules and regulations.
I also understand that all materials on this website are not investment research or investment advice.