Our global economic and financial forecasts
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: 01 July 2026
G10 GDP & CPI update: 23 June 2026
| Q3 2026 | Q4 2026 | Q1 2027 | Q2 2027 |
DXY | 99.770 | 98.190 | 96.630 | 96.410 |
USD/JPY | 160.00 | 158.00 | 156.00 | 154.00 |
EUR/USD | 1.1600 | 1.1800 | 1.2000 | 1.2000 |
GBP/USD | 1.3260 | 1.3410 | 1.3560 | 1.3480 |
USD/CNY | 6.7000 | 6.6500 | 6.6000 | 6.6000 |
AUD/USD | 0.7000 | 0.7100 | 0.7200 | 0.7300 |
NZD/USD | 0.5700 | 0.5800 | 0.5900 | 0.6000 |
USD/CAD | 1.4000 | 1.3800 | 1.3600 | 1.3500 |
USD/NOK | 9.741 | 9.492 | 9.333 | 9.250 |
USD/SEK | 9.483 | 9.237 | 9.000 | 8.917 |
USD/CHF | 0.7930 | 0.7800 | 0.7630 | 0.7580 |
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USD/CZK | 20.860 | 20.420 | 20.000 | 19.920 |
USD/HUF | 306.00 | 300.80 | 291.70 | 287.50 |
USD/PLN | 3.6720 | 3.5930 | 3.5170 | 3.5170 |
USD/RON | 4.5170 | 4.4660 | 4.4170 | 4.4330 |
USD/RUB | 76.49 | 77.71 | 77.98 | 80.73 |
USD/ZAR | 16.600 | 16.400 | 16.200 | 16.000 |
USD/TRY | 49.000 | 51.500 | 53.000 | 54.500 |
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USD/INR | 92.500 | 93.000 | 94.000 | 95.000 |
USD/IDR | 18100 | 18350 | 18500 | 18700 |
USD/MYR | 4.1000 | 4.1500 | 4.1000 | 4.0000 |
USD/PHP | 61.500 | 61.000 | 60.500 | 60.000 |
USD/SGD | 1.3100 | 1.3200 | 1.3000 | 1.2700 |
USD/KRW | 1520.0 | 1500.0 | 1480.0 | 1460.0 |
USD/TWD | 31.600 | 31.300 | 31.100 | 30.900 |
USD/THB | 33.800 | 34.400 | 34.000 | 33.800 |
USD/VND | 26400 | 26500 | 26600 | 26700 |
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USD/ARS | 1525.0 | 1575.00 | 1625.0 | 1675.0 |
USD/BRL | 5.2000 | 5.1000 | 5.0000 | 4.9000 |
USD/CLP | 900.00 | 890.00 | 880.00 | 870.00 |
USD/MXN | 17.500 | 17.500 | 17.250 | 17.250 |
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USD/SAR | 3.7500 | 3.7500 | 3.7500 | 3.7500 |
USD/EGP | 49.750 | 51.000 | 52.500 | 54.000 |
| 2025 | 2026 | 2027 |
US | 2.1% | 1.9% | 1.8% |
Japan (FY) | 0.8% | 0.5% | 0.7% |
Euro area | 1.4% | 0.5% | 1.1% |
Germany | 0.2% | 0.4% | 1.0% |
France | 0.8% | 0.7% | 0.8% |
Italy | 0.5% | 0.6% | 0.8% |
UK | 1.4% | 1.1% | 1.0% |
Switzerland | 1.4% | 1.2% | 1.5% |
Norway | 1.7% | 1.4% | 1.7% |
Sweden | 1.7% | 1.6% | 1.8% |
Canada | 1.9% | 0.9% | 1.6% |
Australia | 2.0% | 2.1% | 2.1% |
New Zealand | 0.2% | 1.9% | 2.3% |
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| 2025 | 2026 | 2027 |
China | 5.0% | 4.7% | 4.7% |
India | 7.6% | 6.8% | 6.7% |
Indonesia | 5.1% | 5.3% | 5.0% |
Malaysia | 5.2% | 4.8% | 5.0% |
Philippines | 4.7% | 3.5% | 5.0% |
Singapore | 5.0% | 3.6% | 2.8% |
South Korea | 1.0% | 2.4% | 2.0% |
Taiwan | 8.6% | 8.0% | 3.7% |
Thailand | 2.4% | 1.7% | 2.0% |
Vietnam | 7.7% | 7.9% | 8.2% |
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| 2025 | 2026 | 2027 |
Bahrain | 3.0% | -0.3% | 3.7% |
Czech Republic | 2.5% | 2.3% | 2.4% |
Egypt | 4.4% | 4.5% | 5.0% |
Hungary | 0.4% | 1.8% | 2.3% |
Iraq | -0.4% | -6.8% | 5.7% |
Israel | 3.0% | 3.5% | 4.3% |
Jordan | 2.7% | 2.7% | 3.1% |
Kenya | 4.9% | 4.8% | 5.0% |
Kuwait | 3.1% | 0.4% | 3.1% |
Morocco | 4.9% | 4.5% | 4.4% |
Nigeria | 4.0% | 4.1% | 4.4% |
Oman | 2.4% | 3.4% | 3.1% |
Poland | 3.5% | 3.5% | 2.7% |
Romania | 0.8% | 0.8% | 2.5% |
Qatar | 2.8% | -4.6% | 7.8% |
Russia | 0.7% | 1.0% | 1.2% |
Saudi Arabia | 4.5% | 3.6% | 4.1% |
South Africa | 1.2% | 1.3% | 1.5% |
Turkey | 3.7% | 3.4% | 3.7% |
Ukraine | 1.8% | 2.0% | 3.3% |
UAE | 5.3% | 3.9% | 4.8% |
| 2025 | 2026 | 2027 |
US | 2.7% | 3.5% | 2.6% |
Japan (FY) | 3.2% | 2.4% | 2.3% |
Euro area | 2.1% | 2.8% | 2.1% |
Germany | 2.3% | 2.7% | 2.3% |
France | 0.9% | 2.0% | 1.8% |
Italy | 1.6% | 2.7% | 1.9% |
UK | 3.4% | 3.2% | 2.4% |
Switzerland | 0.2% | 0.7% | 0.8% |
Norway | 3.1% | 3.2% | 2.5% |
Sweden | 0.7% | 0.9% | 1.6% |
Canada | 2.1% | 2.7% | 2.2% |
Australia | 2.8% | 4.5% | 3.1% |
New Zealand | 2.8% | 3.8% | 2.3% |
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| 2025 | 2026 | 2027 |
China | 0.1% | 1.3% | 1.2% |
India | 1.6% | 4.6% | 4.3% |
Indonesia | 1.9% | 3.0% | 2.8% |
Malaysia | 1.6% | 1.7% | 1.8% |
Philippines | 1.8% | 5.2% | 3.9% |
Singapore | 0.9% | 2.2% | 2.0% |
South Korea | 2.1% | 2.5% | 2.0% |
Taiwan | 1.5% | 2.0% | 1.6% |
Thailand | -0.1% | 2.4% | 1.4% |
Vietnam | 3.3% | 4.9% | 4.3% |
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| 2025 | 2026 | 2027 |
Bahrain | 0.0% | 1.8% | 1.4% |
Czech Republic | 2.5% | 2.3% | 2.2% |
Egypt | 17.4% | 12.6% | 10.6% |
Hungary | 4.5% | 3.5% | 3.5% |
Iraq | 0.3% | 3.0% | 1.6% |
Israel | 3.0% | 2.2% | 2.0% |
Jordan | 1.8% | 2.1% | 2.1% |
Kenya | 4.1% | 5.5% | 5.6% |
Kuwait | 2.4% | 2.6% | 2.5% |
Morocco | 1.0% | 1.8% | 1.6% |
Nigeria | 22.1% | 15.0% | 14.0% |
Oman | 1.0% | 1.6% | 1.7% |
Poland | 3.6% | 3.2% | 2.9% |
Romania | 7.3% | 7.4% | 3.7% |
Qatar | 0.5% | 3.2% | 2.3% |
Russia | 8.7% | 5.7% | 4.4% |
Saudi Arabia | 2.1% | 2.1% | 2.1% |
South Africa | 3.2% | 3.7% | 3.4% |
Turkey | 34.9% | 28.7% | 21.2% |
Ukraine | 12.8% | 6.7% | 7.2% |
UAE | 1.4% | 2.5% | 2.1% |
| Q3 2026 | Q4 2026 | Q1 2027 | Q2 2027 |
Fed | 3.63% | 3.38% | 3.13% | 3.13% |
BoJ | 1.25% | 1.25% | 1.50% | 1.50% |
ECB | 2.50% | 2.50% | 2.50% | 2.50% |
BoE | 3.75% | 3.75% | 3.50% | 3.50% |
SNB | 0.00% | 0.00% | 0.00% | 0.00% |
Norges Bank | 4.50% | 4.50% | 4.50% | 4.25% |
Riksbank | 1.75% | 2.00% | 2.00% | 2.00% |
BoC | 2.25% | 2.25% | 2.25% | 2.25% |
RBA | 4.35% | 4.35% | 4.35% | 4.35% |
RBNZ | 2.50% | 2.75% | 2.75% | 3.00% |
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| Q3 2026 | Q4 2026 | Q1 2027 | Q2 2027 |
China 7-day Reverse Repo | 1.40% | 1.40% | 1.40% | 1.40% |
China 1-year LPR | 3.00% | 3.00% | 3.00% | 3.00% |
India | 5.25% | 5.50% | 5.75% | 5.75% |
Indonesia | 6.25% | 6.25% | 6.25% | 6.00% |
Malaysia | 2.75% | 2.75% | 2.75% | 2.75% |
Philippines | 5.00% | 5.25% | 5.25% | 5.00% |
Singapore | 1.30% | 1.36% | 1.40% | 1.40% |
South Korea | 2.75% | 3.00% | 3.00% | 3.00% |
Taiwan | 2.00% | 2.00% | 2.00% | 2.00% |
Thailand | 1.00% | 1.00% | 1.00% | 1.00% |
Vietnam | 4.50% | 4.75% | 4.75% | 4.75% |
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| Q2 2026 | Q3 2026 | Q4 2026 | Q1 2027 |
US 2-Year Govt. Yield | 3.88% | 3.50% | 3.25% | 3.13% |
US 10-Year Govt. Yield | 4.38% | 4.13% | 4.00% | 3.88% |
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Euro-zone 2-Year Govt. Yield | 2.70% | 2.60% | 2.60% | 2.40% |
Euro-zone 10-Year Govt. Yield | 3.10% | 3.00% | 2.90% | 2.70% |
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Japan 2-Year Govt. Yield | 1.40% | 1.50% | 1.60% | 1.70% |
Japan 10-Year Govt. Yield | 2.50% | 2.50% | 2.60% | 2.60% |
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UK 2-Year Govt. Yield | 4.40% | 4.30% | 3.90% | 3.60% |
UK 10-Year Govt. Yield | 5.00% | 5.00% | 4.80% | 4.50% |
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I also understand that all materials on this website are not investment research or investment advice.