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 FX forecast update: 12 November 2024
|
|
Q4 2024 |
Q1 2025 |
Q2 2025 |
Q3 2025 |
|
USD/JPY |
152.00 |
154.00 |
152.00 |
150.00 |
|
EUR/USD |
1.0400 |
1.0200 |
1.0500 |
1.0800 |
|
GBP/USD |
1.2683 |
1.2515 |
1.2805 |
1.3012 |
|
USD/CNY |
7.3000 |
7.4000 |
7.5000 |
7.5000 |
|
AUD/USD |
0.6400 |
0.6300 |
0.6500 |
0.6700 |
|
NZD/USD |
0.5850 |
0.5800 |
0.6000 |
0.6150 |
|
USD/CAD |
1.4200 |
1.4300 |
1.3800 |
1.3400 |
|
USD/NOK |
11.538 |
11.961 |
11.524 |
11.019 |
|
USD/SEK |
11.346 |
11.863 |
11.429 |
10.926 |
|
USD/CHF |
0.8942 |
0.9020 |
0.8857 |
0.8704 |
|
|
|
|
|
|
|
USD/CZK |
24.519 |
25.294 |
24.667 |
23.796 |
|
USD/HUF |
398.08 |
409.80 |
401.90 |
388.89 |
|
USD/PLN |
4.2115 |
4.3529 |
4.2476 |
4.0926 |
|
USD/RON |
4.7885 |
4.9118 |
4.8000 |
4.6944 |
|
USD/RUB |
100.20 |
103.07 |
104.65 |
105.21 |
|
USD/ZAR |
18.500 |
19.000 |
19.000 |
18.750 |
|
|
|
|
|
|
|
USD/TRY |
35.250 |
37.500 |
40.000 |
41.000 |
|
USD/INR |
84.800 |
85.200 |
85.300 |
85.400 |
|
USD/IDR |
15900 |
16250 |
16210 |
16170 |
|
USD/MYR |
4.4500 |
4.5700 |
4.5500 |
4.5200 |
|
USD/PHP |
59.200 |
59.700 |
59.300 |
58.800 |
|
USD/SGD |
1.3450 |
1.3800 |
1.3750 |
1.3700 |
|
USD/KRW |
1420.0 |
1450.0 |
1460.0 |
1460.0 |
|
USD/TWD |
32.600 |
33.100 |
33.300 |
33.200 |
|
USD/THB |
34.700 |
36.100 |
36.000 |
35.700 |
|
USD/VND |
25500 |
25800 |
25900 |
25800 |
|
|
|
|
|
|
|
USD/ARS |
1030.0 |
1110.0 |
1200.0 |
1500.0 |
|
USD/BRL |
5.9000 |
6.2000 |
6.4000 |
6.3000 |
|
USD/CLP |
1000.0 |
1050.0 |
1070.0 |
1050.0 |
|
USD/MXN |
21.500 |
22.500 |
22.000 |
20.500 |
|
|
|
|
|
|
|
USD/SAR |
3.7500 |
3.7500 |
3.7500 |
3.7500 |
|
USD/EGP |
48.700 |
48.300 |
48.100 |
47.700 |
| 2024 | 2025 | 2026 | |
| US | 2.6% | 2.2% | |
| Japan | -0.1% | 1.3% | |
| Euro area | 0.7% | 0.9% | |
| Germany | -0.1% | 0.6% | |
| France | 1.1% | 0.8% | |
| Italy | 0.8% | 0.8% | |
| Spain | 3.1% | 2.2% | |
| UK | 1.0% | 1.6% | |
| Switzerland | 1.4% | 1.3% | |
| Norway | 0.7% | 1.3% | |
| Sweden | 0.8% | 1.4% | |
| Canada | 1.0% | 1.7% | |
| Australia | 1.2% | 2.0% | |
| New Zealand | 0.5% | 1.9% | |
| 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 | 3.2% | 3.0% | 2.7% |
| Czech Rep. | 0.8% | 2.3% | 2.4% |
| Egypt | 2.8% | 4.1% | 4.8% |
| Hungary | 2.0% | 3.3% | 3.1% |
| Iraq | 0.7% | 2.7% | 1.9% |
| Israel | 1.5% | 4.6% | 3.4% |
| Jordan | 2.5% | 2.8% | 2.9% |
| Kenya | 5.0% | 5.4% | 5.3% |
| Kuwait | -1.4% | 3.3% | 2.8% |
| Morocco | 3.1% | 3.4% | 3.6% |
| Nigeria | 3.1% | 3.0% | 3.1% |
| Oman | 1.4% | 3.1% | 3.1% |
| Poland | 3.1% | 3.6% | 3.4% |
| Romania | 2.5% | 3.6% | 3.7% |
| Qatar | 2.0% | 2.3% | 5.5% |
| Russia | 3.4% | 1.5% | 1.3% |
| Saudi Arabia | 1.6% | 4.6% | 4.0% |
| South Africa | 1.0% | 1.5% | 1.7% |
| Turkey | 3.3% | 2.9% | 3.4% |
| Ukraine | 3.4% | 5.5% | 5.3% |
| UAE | 3.5% | 4.4% | 4.2% |
| 2024 | 2025 | 2026 | |
| US | 2.9% | 2.5% | |
| Japan | 2.5% | 2.2% | |
| Euro area | 2.4% | 2.0% | |
| Germany | 2.4% | 2.0% | |
| France | 2.3% | 1.9% | |
| Italy | 1.2% | 1.8% | |
| Spain | 2.9% | 2.0% | |
| UK | 2.6% | 2.3% | |
| Switzerland | 1.3% | 1.2% | |
| Norway | 3.3% | 2.3% | |
| Sweden | 2.9% | 1.7% | |
| Canada | 2.4% | 2.1% | |
| Australia | 3.4% | 2.8% | |
| New Zealand | 3.0% | 2.0% | |
| 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 | 31.0% | 22.1% | 12.0% |
| Hungary | 3.9% | 3.6% | 3.1% |
| Iraq | 2.0% | 2.0% | 1.9% |
| Israel | 2.7% | 2.7% | 2.1% |
| Jordan | 2.4% | 2.4% | 2.3% |
| Kenya | 5.9% | 5.5% | 5.3% |
| Kuwait | 3.1% | 2.6% | 2.4% |
| Morocco | 2.3% | 2.5% | 2.2% |
| Nigeria | 29.2% | 22.4% | 14.9% |
| Oman | 1.1% | 1.4% | 1.7% |
| Poland | 4.4% | 4.7% | 3.3% |
| Romania | 5.8% | 4.0% | 3.3% |
| Qatar | 2.2% | 2.2% | 2.1% |
| Russia | 7.4% | 5.0% | 4.1% |
| Saudi Arabia | 2.0% | 2.0% | 2.1% |
| South Africa | 4.8% | 4.4% | 4.5% |
| Turkey | 59.3% | 34.2% | 20.7% |
| Ukraine | 6.1% | 7.6% | 6.0% |
| UAE | 2.3% | 2.1% | 2.0% |
| Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
| Fed | 4.38% | 3.88% | 3.38% | 2.88% |
| BoJ | 0.25% | 0.50% | 0.50% | 0.75% |
| ECB | 3.00% | 2.50% | 2.25% | 2.00% |
| BoE | 4.75% | 4.25% | 3.75% | 3.50% |
| SNB | 0.75% | 0.50% | 0.25% | 0.25% |
| Norges Bank | 4.75% | 4.25% | 3.75% | 3.50% |
| Riksbank | 2.50% | 2.00% | 1.75% | 1.75% |
| BoC | 3.50% | 3.00% | 2.75% | 2.50% |
| RBA | 4.35% | 4.10% | 3.60% | 3.35% |
| RBNZ | 4.25% | 3.75% | 3.25% | 2.75% |
| 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% |
| Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
| Bahrain | 6.00% | 5.50% | 5.00% | 4.50% |
| Czech Rep. | 4.00% | 3.75% | 3.50% | 3.25% |
| Egypt | 27.25% | 20.25% | 16.75% | 13.25% |
| Hungary | 6.25% | 5.75% | 5.50% | 5.25% |
| Iraq | 3.50% | 3.25% | 3.00% | 3.00% |
| Israel | 4.25% | 4.00% | 3.75% | 3.50% |
| Jordan | 7.25% | 6.75% | 6.25% | 5.75% |
| Kenya | 12.00% | 12.00% | 11.50% | 11.00% |
| Kuwait | 3.50% | 3.00% | 2.50% | 2.00% |
| Morocco | 2.75% | 2.50% | 2.50% | 2.50% |
| Nigeria | 26.75% | 26.00% | 24.00% | 22.00% |
| Oman | 4.75% | 4.25% | 3.75% | 3.50% |
| Poland | 5.75% | 5.75% | 5.25% | 4.75% |
| Romania | 6.25% | 6.00% | 5.50% | 5.00% |
| Qatar | 5.00% | 4.50% | 4.00% | 3.50% |
| Russia | 19.50% | 18.00% | 16.50% | 15.00% |
| Saudi Arabia | 4.50% | 4.00% | 3.50% | 3.00% |
| South Africa | 7.75% | 7.50% | 7.25% | 7.00% |
| Turkey | 50.00% | 45.00% | 41.50% | 35.00% |
| Ukraine | 12.75% | 12.00% | 11.50% | 11.00% |
| UAE | 4.25% | 3.75% | 3.25% | 3.00% |
| Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
| US 2-Year Govt. Yield | 3.75% | 3.63% | 3.50% | 3.13% |
| US 10-Year Govt. Yield | 4.00% | 3.88% | 4.00% | 3.88% |
| Euro-zone 2-Year Govt. Yield | 2.20% | 2.00% | 1.90% | 1.90% |
| Euro-zone 10-Year Govt. Yield | 2.30% | 2.20% | 1.90% | 2.00% |
| Japan 2-Year Govt. Yield | 0.55% | 0.70% | 0.90% | 1.10% |
| Japan 10-Year Govt. Yield | 0.95% | 1.10% | 1.20% | 1.30% |
| UK 2-Year Govt. Yield | 4.40% | 4.20% | 4.00% | 3.70% |
| UK 10-Year Govt. Yield | 4.30% | 4.10% | 3.90% | 3.80% |
| Unit | Q4-24 | Q1-25 | Q2-25 | Q3-25 | Q4-25 | 2024 | 2025 | 2026 | ||
| US Natural Gas | USD/MMBtu | 2.60 | 2.90 | 3.10 | 2.85 | 3.00 | 2.60 | 2.96 | 2.10 | |
| EU Natural Gas | EUR/MWh | 38.00 | 31.00 | 28.00 | 22.00 | 23.00 | 33.89 | 26.00 | 18.00 | |
| WTI Crude | USD/b | 70.00 | 68.00 | 64.00 | 69.00 | 72.00 | 74.97 | 68.25 | 78.00 | |
| Brent Crude | USD/b | 75.00 | 73.00 | 69.00 | 74.00 | 77.00 | 79.65 | 73.25 | 83.00 | |
| EU ETS EUA | EUR/MT | 72.00 | 73.00 | 75.00 | 79.00 | 82.00 | 67.83 | 77.25 | 85.00 | |
| Copper | USD/lb | 9,350 | 9,800 | 10,300 | 10,750 | 10,850 | 9,259 | 10,425 | 11,500 | |
| Aluminium | USD/MT | 2,575 | 2,600 | 2,650 | 2,575 | 2,750 | 2,443 | 2,644 | 2,800 | |
| Zinc | USD/MT | 2,950 | 2,520 | 2,600 | 2,625 | 2,675 | 2,775 | 2,605 | 2,850 | |
| Nickel | USD/MT | 17,150 | 16,850 | 16,750 | 16,900 | 17,350 | 17,293 | 16,963 | 17,250 | |
| Gold | USD/t oz | 2,750 | 2,850 | 2,775 | 3,050 | 3,080 | 2,450 | 2,939 | 3,280 | |
| Silver | USD/t oz | 30.30 | 29.40 | 30.40 | 29.20 | 29.80 | 28.39 | 29.70 | 30.20 | |
| Platinum | USD/t oz | 975 | 1,015 | 1,045 | 1,020 | 1,045 | 964.35 | 1,031 | 1,090 | |
| Palladium | USD/t oz | 925 | 940 | 960 | 965 | 1,020 | 965 | 971 | 1,050 | |
| Hard Coking Coal | USD/MT | 225.00 | 240.00 | 280.00 | 265.00 | 250.00 | 248.84 | 258.75 | 320.00 | |
| Iron Ore | USD/MT | 102.00 | 95.00 | 90.00 | 93.00 | 98.00 | 104.12 | 94.00 | 155.00 | |
| Soybean | USD/bu | 1,060 | 1,020 | 1,165 | 1,200 | 1,225 | 1,108 | 1,153 | 1,175 | |
| Wheat | USD/bu | 600.00 | 615.00 | 635.00 | 650.00 | 640.00 | 611.25 | 635.00 | 690.00 | |
| Corn | USD/bu | 430.00 | 420.00 | 450.00 | 475.00 | 480.00 | 446.05 | 456.25 | 525.00 | |
| Cotton | USD/lb | 74.00 | 70.00 | 72.00 | 75.00 | 78.00 | 75.47 | 73.75 | 85.00 | |
| Coffee | USD/lb | 4,800 | 4,950 | 4,250 | 4,000 | 3,750 | 3,973 | 4,238 | 3,500 | |
| Sugar | USD/lb | 20.50 | 21.50 | 21.25 | 22.50 | 23.00 | 20.23 | 22.06 | 22.00 |
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.