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 March 2026
Latest G10 GDP & CPI forecast update: 27 February 2026
| Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 | |
| DXY | 99.630 | 97.550 | 95.430 | 94.060 |
| USD/JPY | 154.00 | 152.00 | 150.00 | 148.00 |
| EUR/USD | 1.1500 | 1.1800 | 1.2100 | 1.2300 |
| GBP/USD | 1.3070 | 1.3330 | 1.3600 | 1.3670 |
| USD/CNY | 6.8500 | 6.8500 | 6.8300 | 6.8000 |
| AUD/USD | 0.7000 | 0.7100 | 0.7200 | 0.7300 |
| NZD/USD | 0.5900 | 0.6000 | 0.6100 | 0.6200 |
| USD/CAD | 1.3700 | 1.3600 | 1.3500 | 1.3400 |
| USD/NOK | 9.5650 | 9.4920 | 9.4210 | 9.3500 |
| USD/SEK | 9.3910 | 9.0680 | 8.76000 | 8.4550 |
| USD/CHF | 0.7830 | 0.7840 | 0.7560 | 0.7480 |
| USD/CZK | 21.130 | 20.420 | 19.830 | 19.350 |
| USD/HUF | 330.40 | 317.80 | 305.80 | 304.90 |
| USD/PLN | 3.6870 | 3.5760 | 3.4630 | 3.3900 |
| USD/RON | 4.4350 | 4.3310 | 4.2310 | 4.1870 |
| USD/RUB | 74.940 | 75.860 | 77.660 | 80.650 |
| USD/ZAR | 16.400 | 16.000 | 15.600 | 15.300 |
| USD/TRY | 44.500 | 46.500 | 48.500 | 50.000 |
| USD/INR | 92.000 | 93.000 | 93.500 | 93.500 |
| USD/IDR | 16950 | 17000 | 16850 | 16700 |
| USD/MYR | 3.9500 | 3.9000 | 3.8000 | 3.7500 |
| USD/PHP | 58.800 | 58.000 | 57.700 | 57.900 |
| USD/SGD | 1.2750 | 1.2600 | 1.2500 | 1.2400 |
| USD/KRW | 1450.0 | 1440.0 | 1425.0 | 1400.0 |
| USD/TWD | 31.500 | 31.200 | 30.900 | 30.600 |
| USD/THB | 31.400 | 31.200 | 30.700 | 30.500 |
| USD/VND | 26300 | 26400 | 26500 | 26600 |
| USD/ARS | 1450.0 | 1500.00 | 1600.0 | 1700.0 |
| USD/BRL | 5.3000 | 5.1500 | 5.2500 | 5.2500 |
| USD/CLP | 890.00 | 870.00 | 850.00 | 830.00 |
| 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 | 2.2% | 2.5% | 2.2% |
| Japan | 1.1% | 0.5% | 1.0% |
| Euro area | 1.5% | 1.2% | 1.4% |
| Germany | 0.2% | 1.0% | 1.5% |
| France | 0.9% | 1.0% | 1.0% |
| Italy | 0.5% | 0.9% | 0.8% |
| UK | 1.4% | 1.0% | 1.4% |
| Switzerland | 1.3% | 1.1% | 1.4% |
| Norway | 1.8% | 1.6% | 1.7% |
| Sweden | 1.8% | 2.2% | 2.0% |
| Canada | 1.7% | 1.1% | 1.6% |
| Australia | 2.0% | 2.1% | 2.1% |
| New Zealand | 0.4% | 2.2% | 2.5% |
| 2025 | 2026 | 2027 | |
| China | 5.0% | 4.9% | 4.8% |
| India | 7.6% | 7.0% | 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 | 8.6% | 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 | 2.7% | 2.5% | 2.3% |
| Japan | 3.2% | 1.8% | 2.0% |
| Euro area | 2.1% | 1.8% | 1.9% |
| Germany | 2.3% | 2.0% | 2.0% |
| France | 0.9% | 1.1% | 1.7% |
| Italy | 1.6% | 1.3% | 1.8% |
| UK | 3.4% | 2.4% | 2.0% |
| Switzerland | 0.2% | 0.5% | 0.9% |
| Norway | 3.1% | 2.5% | 2.3% |
| Sweden | 0.7% | 1.0% | 2.0% |
| Canada | 2.1% | 2.2% | 2.1% |
| Australia | 2.8% | 3.4% | 2.7% |
| New Zealand | 2.8% | 2.4% | 2.1% |
| 2025 | 2026 | 2027 | |
| China | 0.1% | 0.8% | 1.0% |
| India | 1.6% | 3.8% | 4.3% |
| Indonesia | 1.9% | 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% | 4.10% | 4.10% | 4.10% |
| RBNZ | 2.25% | 2.25% | 2.25% | 2.50% |
| Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 | |
| China 7-day Reverse Repo | 1.30% | 1.10% | 1.10% | 1.10% |
| China 1-year LPR | 2.90% | 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% | 4.00% | 4.00% | 4.00% |
| Singapore | 1.14% | 1.24% | 1.38% | 1.49% |
| South Korea | 2.50% | 2.50% | 2.50% | 2.50% |
| 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 | 2.10% | 2.10% | 2.15% | 2.20% |
| Euro-zone 10-Year Govt. Yield | 2.80% | 2.70% | 2.65% | 2.60% |
| 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 | 3.70% | 3.55% | 3.35% | 3.30% |
| UK 10-Year Govt. Yield | 4.40% | 4.30% | 4.20% | 4.10% |
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I also understand that all materials on this website are not investment research or investment advice.