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 forecast update: 02 October 2024
| Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
| USD/JPY | 141.00 | 139.00 | 137.00 | 135.00 |
| EUR/USD | 1.1200 | 1.1400 | 1.1500 | 1.1600 |
| GBP/USD | 1.3410 | 1.3570 | 1.3530 | 1.3650 |
| USD/CNY | 6.9100 | 6.8800 | 6.8500 | 6.8200 |
| AUD/USD | 0.7000 | 0.7100 | 0.7200 | 0.7300 |
| NZD/USD | 0.6400 | 0.6500 | 0.6500 | 0.6600 |
| USD/CAD | 1.3400 | 1.3200 | 1.3000 | 1.2900 |
| USD/NOK | 10.446 | 10.175 | 10.000 | 9.914 |
| USD/SEK | 10.000 | 9.9120 | 9.9130 | 9.8280 |
| USD/CHF | 0.8300 | 0.8250 | 0.8260 | 0.8280 |
| USD/CZK | 22.590 | 22.020 | 21.650 | 21.290 |
| USD/HUF | 355.40 | 352.60 | 351.30 | 350.90 |
| USD/PLN | 3.7860 | 3.7370 | 3.7300 | 3.7330 |
| USD/RON | 4.4460 | 4.3950 | 4.3830 | 4.3710 |
| USD/RUB | 92.980 | 93.130 | 94.610 | 96.080 |
| USD/ZAR | 16.800 | 17.000 | 17.200 | 17.300 |
| USD/TRY | 35.500 | 37.500 | 39.500 | 41.000 |
| USD/INR | 83.700 | 83.500 | 83.700 | 83.900 |
| USD/IDR | 15150 | 15000 | 14900 | 14800 |
| USD/MYR | 4.1200 | 4.0800 | 4.0500 | 4.0000 |
| USD/PHP | 55.500 | 55.700 | 55.800 | 56.000 |
| USD/SGD | 1.2900 | 1.2850 | 1.2800 | 1.2800 |
| USD/KRW | 1300.0 | 1290.0 | 1280.0 | 1270.0 |
| USD/TWD | 31.500 | 31.200 | 30.900 | 30.600 |
| USD/THB | 32.500 | 32.300 | 32.000 | 31.500 |
| USD/VND | 24400 | 24400 | 24400 | 24500 |
| USD/ARS | 1030.0 | 1350.0 | 1450.0 | 1500.0 |
| USD/BRL | 5.3500 | 5.4000 | 5.4500 | 5.5500 |
| USD/CLP | 880.00 | 900.00 | 880.00 | 870.00 |
| USD/MXN | 19.300 | 18.800 | 18.500 | 18.300 |
| USD/SAR | 3.7500 | 3.7500 | 3.7500 | 3.7500 |
| USD/EGP | 48.300 | 48.100 | 47.600 | 47.500 |
| 2024 | 2025 | 2026 | |
| US | 2.6% | 1.9% | |
| Japan | -0.1% | 1.4% | |
| Euro area | 0.7% | 1.3% | |
| Germany | 0.0% | 0.9% | |
| France | 1.1% | 1.3% | |
| Italy | 0.9% | 1.0% | |
| Spain | 2.7% | 2.0% | |
| UK | 1.1% | 1.6% | |
| Switzerland | 1.4% | 1.6% | |
| Norway | 0.7% | 1.4% | |
| Sweden | 0.7% | 1.8% | |
| Canada | 0.9% | 1.8% | |
| Australia | 1.3% | 2.3% | |
| New Zealand | 0.7% | 2.2% | |
| 2024 | 2025 | 2026 | |
| China | 4.8% | 4.6% | 4.7% |
| India | 6.9% | 6.7% | 6.8% |
| Indonesia | 5.1% | 5.1% | 5.0% |
| Malaysia | 5.0% | 4.7% | 4.5% |
| Philippines | 6.2% | 7.0% | 6.5% |
| Singapore | 2.4% | 2.6% | 2.7% |
| South Korea | 2.5% | 2.3% | 2.0% |
| Taiwan | 3.8% | 2.8% | 2.5% |
| Thailand | 2.9% | 3.1% | 3.3% |
| Vietnam | 5.8% | 6.8% | 6.5% |
| 2024 | 2025 | 2026 | |
| Bahrain | 3.1% | 3.0% | 2.6% |
| Czech Rep. | 0.9% | 2.3% | 2.5% |
| Egypt | 2.8% | 4.2% | 4.7% |
| Hungary | 2.2% | 3.3% | 3.1% |
| Iraq | 0.7% | 2.7% | 1.9% |
| Israel | 1.5% | 4.7% | 3.4% |
| Jordan | 2.5% | 2.8% | 2.9% |
| Kenya | 5.0% | 5.4% | 5.3% |
| Kuwait | -1.2% | 3.3% | 3.0% |
| Morocco | 3.1% | 3.4% | 3.4% |
| Nigeria | 3.1% | 3.0% | 3.1% |
| Oman | 1.4% | 3.0% | 2.9% |
| Poland | 3.1% | 3.6% | 3.3% |
| Romania | 2.6% | 3.6% | 3.7% |
| Qatar | 2.0% | 2.2% | 5.5% |
| Russia | 3.3% | 1.6% | 1.3% |
| Saudi Arabia | 1.6% | 4.6% | 4.0% |
| South Africa | 1.0% | 1.4% | 1.6% |
| Turkey | 3.4% | 2.9% | 3.4% |
| Ukraine | 3.4% | 5.7% | 5.3% |
| UAE | 3.6% | 4.1% | 4.1% |
| 2024 | 2025 | 2026 | |
| US | 3.1% | 2.4% | |
| Japan | 2.5% | 2.3% | |
| Euro area | 2.5% | 2.1% | |
| Germany | 2.5% | 2.1% | |
| France | 2.6% | 2.0% | |
| Italy | 1.3% | 1.8% | |
| Spain | 3.0% | 2.2% | |
| UK | 2.6% | 2.3% | |
| Switzerland | 1.4% | 1.2% | |
| Norway | 3.5% | 2.4% | |
| Sweden | 3.0% | 1.9% | |
| Canada | 2.5% | 2.1% | |
| Australia | 3.5% | 2.9% | |
| New Zealand | 3.1% | 2.2% | |
| 2024 | 2025 | 2026 | |
| China | 0.4% | 1.2% | 1.7% |
| India | 4.5% | 4.3% | 4.3% |
| Indonesia | 2.6% | 2.8% | 3.0% |
| Malaysia | 1.8% | 2.4% | 2.4% |
| Philippines | 3.2% | 3.3% | 3.0% |
| Singapore | 2.5% | 1.9% | 1.8% |
| South Korea | 2.4% | 2.0% | 1.6% |
| Taiwan | 2.2% | 1.8% | 1.7% |
| Thailand | 1.0% | 1.9% | 2.0% |
| Vietnam | 4.1% | 4.0% | 3.5% |
| 2024 | 2025 | 2026 | |
| Bahrain | 1.3% | 1.8% | 2.0% |
| Czech Rep. | 2.2% | 2.1% | 2.0% |
| Egypt | 31.4% | 21.3% | 11.4% |
| Hungary | 3.9% | 3.6% | 3.1% |
| Iraq | 2.0% | 2.0% | 1.9% |
| Israel | 2.6% | 2.7% | 2.1% |
| Jordan | 2.4% | 2.3% | 2.2% |
| Kenya | 6.0% | 5.5% | 5.3% |
| Kuwait | 3.1% | 2.6% | 2.3% |
| Morocco | 2.3% | 2.5% | 2.2% |
| Nigeria | 28.8% | 22.2% | 14.9% |
| Oman | 1.1% | 1.5% | 1.8% |
| Poland | 4.4% | 4.7% | 3.2% |
| Romania | 5.8% | 4.0% | 3.3% |
| Qatar | 2.4% | 2.2% | 2.1% |
| Russia | 7.2% | 4.9% | 4.1% |
| Saudi Arabia | 2.1% | 2.0% | 2.1% |
| South Africa | 4.8% | 4.5% | 4.6% |
| Turkey | 59.2% | 33.9% | 20.7% |
| Ukraine | 6.0% | 7.4% | 5.9% |
| UAE | 2.2% | 2.1% | 2.0% |
| Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
| Fed | 4.13% | 3.63% | 3.13% | 2.88% |
| BoJ | 0.50% | 0.75% | 0.75% | 1.00% |
| ECB | 3.00% | 2.50% | 2.25% | 2.00% |
| BoE | 4.50% | 4.00% | 3.50% | 3.25% |
| SNB | 0.75% | 0.50% | 0.50% | 0.50% |
| Norges Bank | 4.50% | 4.25% | 4.00% | 3.50% |
| Riksbank | 2.75% | 2.50% | 2.25% | 2.00% |
| BoC | 3.75% | 3.25% | 2.75% | 2.50% |
| RBA | 4.35% | 4.10% | 3.85% | 3.60% |
| RBNZ | 4.25% | 3.75% | 3.25% | 3.00% |
| Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
| China 7-day Repo | 1.30% | 1.30% | 1.30% | 1.30% |
| China 1-year MLF | 1.70% | 1.70% | 1.70% | 1.70% |
| China 1-year LPR | 3.15% | 3.15% | 3.15% | 3.15% |
| India | 6.25% | 6.00% | 6.00% | 6.00% |
| Indonesia | 5.50% | 5.25% | 5.00% | 4.75% |
| Malaysia | 3.00% | 3.00% | 2.75% | 2.75% |
| Philippines | 5.75% | 5.50% | 5.25% | 5.00% |
| Singapore | 3.30% | 3.10% | 2.90% | 2.70% |
| South Korea | 3.25% | 3.00% | 2.75% | 2.50% |
| Taiwan | 2.00% | 2.00% | 1.88% | 1.75% |
| Thailand | 2.50% | 2.50% | 2.25% | 2.00% |
| Vietnam | 4.50% | 4.50% | 4.50% | 4.50% |
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | |
| Bahrain | 7.00% | 5.00% | 4.25% | 3.75% |
| Czech Rep. | 4.50% | 3.25% | 3.00% | 3.00% |
| Egypt | 25.25% | 25.25% | 25.25% | 20.25% |
| Hungary | 6.75% | 5.25% | 4.75% | 4.50% |
| Iraq | 4.00% | 4.00% | 3.25% | 2.75% |
| Israel | 4.50% | 4.50% | 4.25% | 4.00% |
| Jordan | 8.25% | 5.75% | 5.00% | 4.50% |
| Kenya | 12.75% | 12.50% | 12.00% | 12.00% |
| Kuwait | 4.25% | 3.25% | 2.50% | 2.00% |
| Morocco | 2.75% | 2.50% | 2.50% | 2.50% |
| Nigeria | 26.75% | 26.75% | 26.25% | 25.00% |
| Oman | 5.40% | 4.75% | 4.00% | 3.50% |
| Poland | 5.75% | 5.75% | 5.75% | 5.75% |
| Romania | 6.50% | 6.25% | 6.00% | 5.75% |
| Qatar | 6.00% | 6.00% | 5.25% | 4.75% |
| Russia | 18.00% | 18.00% | 18.00% | 18.00% |
| Saudi Arabia | 5.50% | 4.50% | 3.75% | 3.25% |
| South Africa | 8.25% | 7.75% | 7.75% | 7.50% |
| Turkey | 50.00% | 45.00% | 40.00% | 37.50% |
| Ukraine | 13.00% | 12.00% | 11.00% | 11.00% |
| UAE | 5.40% | 4.00% | 3.25% | 2.75% |
| Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
| US 2-Year Govt. Yield | 3.50% | 3.38% | 3.38% | 3.25% |
| US 10-Year Govt. Yield | 3.88% | 3.88% | 3.75% | 3.75% |
| Euro-zone 2-Year Govt. Yield | 2.20% | 2.00% | 1.90% | 1.90% |
| Euro-zone 10-Year Govt. Yield | 2.20% | 2.10% | 1.90% | 2.00% |
| Japan 2-Year Govt. Yield | 0.60% | 0.80% | 0.90% | 1.00% |
| Japan 10-Year Govt. Yield | 1.10% | 1.20% | 1.30% | 1.50% |
| UK 2-Year Govt. Yield | 4.20% | 4.10% | 3.90% | 3.60% |
| UK 10-Year Govt. Yield | 4.00% | 3.90% | 3.70% | 3.60% |
| Unit | Q3-24 | Q4-24 | Q1-25 | Q2-25 | Q3-25 | Q4-25 | 2024 | 2025 | 2026 | ||
| US Natural Gas | USD/MMBtu | 2.10 | 2.60 | 2.90 | 3.10 | 2.85 | 3.00 | 2.50 | 2.96 | 2.10 | |
| EU Natural Gas | EUR/MWh | 33.50 | 38.00 | 31.00 | 28.00 | 22.00 | 23.00 | 33.22 | 26.00 | 18.00 | |
| WTI Crude | USD/b | 77.00 | 79.00 | 75.00 | 76.00 | 79.00 | 80.00 | 77.47 | 77.50 | 85.00 | |
| Brent Crude | USD/b | 82.00 | 84.00 | 80.00 | 81.00 | 84.00 | 85.00 | 82.01 | 82.50 | 90.00 | |
| EU ETS EUA | EUR/MT | 68.00 | 72.00 | 73.00 | 75.00 | 79.00 | 82.00 | 67.83 | 77.25 | 85.00 | |
| Copper | USD/lb | 9,275 | 9,350 | 9,800 | 10,300 | 10,750 | 10,850 | 9,259 | 10,425 | 11,500 | |
| Aluminium | USD/MT | 2,390 | 2,415 | 2,475 | 2,550 | 2,600 | 2,750 | 2,403 | 2,594 | 2,800 | |
| Zinc | USD/MT | 2,800 | 2,950 | 2,520 | 2,600 | 2,625 | 2,675 | 2,775 | 2,605 | 2,850 | |
| Nickel | USD/MT | 16,525 | 17,150 | 16,850 | 16,750 | 16,900 | 17,350 | 17,293 | 16,963 | 17,250 | |
| Gold | USD/t oz | 2,480 | 2,750 | 2,850 | 2,775 | 2,900 | 3,050 | 2,450 | 2,894 | 3,100 | |
| Silver | USD/t oz | 29.20 | 30.30 | 29.40 | 30.40 | 29.20 | 29.80 | 28.39 | 29.70 | 30.20 | |
| Platinum | USD/t oz | 951 | 975 | 1,015 | 1,045 | 1,020 | 1,045 | 964.35 | 1,031 | 1,090 | |
| Palladium | USD/t oz | 942 | 925 | 940 | 960 | 965 | 1,020 | 965 | 971 | 1,050 | |
| Hard Coking Coal | USD/MT | 218.00 | 225.00 | 240.00 | 280.00 | 265.00 | 250.00 | 248.84 | 258.75 | 320.00 | |
| Iron Ore | USD/MT | 94.00 | 90.00 | 105.00 | 95.00 | 110.00 | 115.00 | 101.60 | 106.25 | 155.00 | |
| Soybean | USD/bu | 1,020 | 1,060 | 1,020 | 1,165 | 1,200 | 1,225 | 1,108 | 1,153 | 1,175 | |
| Wheat | USD/bu | 570.00 | 600.00 | 615.00 | 635.00 | 650.00 | 640.00 | 611.25 | 635.00 | 690.00 | |
| Corn | USD/bu | 410.00 | 430.00 | 420.00 | 450.00 | 475.00 | 480.00 | 446.05 | 456.25 | 525.00 | |
| Cotton | USD/lb | 69.00 | 74.00 | 70.00 | 72.00 | 75.00 | 78.00 | 75.47 | 73.75 | 85.00 | |
| Coffee | USD/lb | 4,450 | 4,800 | 4,950 | 4,250 | 4,000 | 3,750 | 3,973 | 4,238 | 3,500 | |
| Sugar | USD/lb | 18.75 | 20.50 | 21.50 | 21.25 | 22.50 | 23.00 | 20.23 | 22.06 | 22.00 |
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I also understand that all materials on this website are not investment research or investment advice.