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: 3 December 2024
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
| USD/JPY | 154.00 | 152.00 | 150.00 | 148.00 |
| EUR/USD | 1.0200 | 1.0500 | 1.0600 | 1.0800 |
| GBP/USD | 1.2360 | 1.2800 | 1.2930 | 1.3010 |
| USD/CNY | 7.4000 | 7.5000 | 7.5000 | 7.4000 |
| AUD/USD | 0.6350 | 0.6300 | 0.6500 | 0.6600 |
| NZD/USD | 0.5800 | 0.5750 | 0.5900 | 0.6000 |
| USD/CAD | 1.4400 | 1.4100 | 1.3900 | 1.3700 |
| USD/NOK | 11.765 | 11.619 | 11.415 | 11.019 |
| USD/SEK | 11.569 | 11.524 | 11.321 | 10.926 |
| USD/CHF | 0.9020 | 0.8760 | 0.8770 | 0.8700 |
| USD/CZK | 25.100 | 24.570 | 24.430 | 23.800 |
| USD/HUF | 408.80 | 400.00 | 398.10 | 393.50 |
| USD/PLN | 4.2650 | 4.1900 | 4.1980 | 4.0740 |
| USD/RON | 4.8820 | 4.7710 | 4.7550 | 4.6940 |
| USD/RUB | 113.97 | 117.36 | 121.71 | 125.48 |
| USD/ZAR | 18.500 | 18.750 | 19.000 | 18.750 |
| USD/TRY | 37.500 | 40.000 | 41.500 | 42.500 |
| USD/INR | 85.200 | 85.500 | 85.700 | 86.000 |
| USD/IDR | 16250 | 16210 | 16170 | 16100 |
| USD/MYR | 4.5700 | 4.5500 | 4.5200 | 4.4800 |
| USD/PHP | 59.700 | 59.300 | 59.000 | 58.800 |
| USD/SGD | 1.3800 | 1.3750 | 1.3700 | 1.3650 |
| USD/KRW | 1430.0 | 1450.0 | 1450.0 | 1440.0 |
| USD/TWD | 33.100 | 33.300 | 33.200 | 33.000 |
| USD/THB | 36.100 | 36.000 | 35.700 | 35.500 |
| USD/VND | 25800 | 25900 | 25800 | 25700 |
| USD/ARS | 1110.0 | 1200.0 | 1310.0 | 1500.0 |
| USD/BRL | 6.1000 | 6.2000 | 6.3000 | 6.4000 |
| USD/CLP | 1030.0 | 1050.0 | 1070.0 | 1050.0 |
| USD/MXN | 22.000 | 21.500 | 21.000 | 20.500 |
| USD/SAR | 3.7500 | 3.7500 | 3.7500 | 3.7500 |
| USD/EGP | 49.700 | 49.300 | 49.100 | 48.700 |
| 2024 | 2025 | 2026 | |
| US | 2.7% | 2.1% | 2.1% |
| Japan | -0.3% | 1.2% | 1.0% |
| Euro area | 0.7% | 0.9% | 1.2% |
| Germany | -0.1% | 0.5% | 1.1% |
| France | 1.2% | 1.0% | 1.0% |
| Italy | 0.5% | 0.7% | 1.0% |
| UK | 0.9% | 1.6% | 1.6% |
| Switzerland | 1.3% | 1.3% | 1.4% |
| Norway | 0.8% | 1.3% | 1.4% |
| Sweden | 0.7% | 1.6% | 2.0% |
| Canada | 1.3% | 2.3% | 2.3% |
| Australia | 0.2% | 2.0% | 2.5% |
| New Zealand | 1.1% | 1.7% | 2.0% |
| 2024 | 2025 | 2026 | |
| China | 4.8% | 4.5% | 4.7% |
| India | 6.1% | 6.3% | 6.8% |
| Indonesia | 5.1% | 4.9% | 5.0% |
| Malaysia | 5.0% | 4.7% | 4.5% |
| Philippines | 5.5% | 6.3% | 6.5% |
| Singapore | 3.3% | 2.9% | 2.7% |
| South Korea | 2.3% | 1.8% | 2.0% |
| Taiwan | 4.3% | 3.4% | 2.5% |
| Thailand | 2.9% | 3.1% | 3.3% |
| Vietnam | 6.7% | 6.0% | 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% | 2.3% | 2.4% |
| Japan | 2.5% | 2.2% | 1.9% |
| Euro area | 2.3% | 1.9% | 1.9% |
| Germany | 2.4% | 2.0% | 2.0% |
| France | 2.3% | 2.0% | 1.9% |
| Italy | 1.1% | 1.6% | 1.8% |
| UK | 2.6% | 2.5% | 2.1% |
| Switzerland | 1.1% | 0.9% | 1.1% |
| Norway | 3.2% | 2.4% | 2.1% |
| Sweden | 2.8% | 1.5% | 1.9% |
| Canada | 3.2% | 2.9% | 2.7% |
| Australia | 2.8% | 2.1% | 2.1% |
| New Zealand | 2.4% | 1.9% | 2.0% |
| 2024 | 2025 | 2026 | |
| China | 0.4% | 1.2% | 1.7% |
| India | 5.0% | 4.2% | 4.3% |
| Indonesia | 2.4% | 2.5% | 3.0% |
| Malaysia | 1.8% | 2.4% | 2.4% |
| Philippines | 3.2% | 2.7% | 3.0% |
| Singapore | 2.5% | 1.9% | 1.8% |
| South Korea | 2.2% | 1.8% | 1.6% |
| Taiwan | 2.0% | 1.8% | 1.7% |
| Thailand | 0.4% | 1.7% | 2.0% |
| Vietnam | 3.7% | 3.5% | 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% |
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
| Fed | 4.25% | 4.00% | 3.75% | 3.75% |
| BoJ | 0.50% | 0.50% | 0.75% | 1.00% |
| ECB | 2.50% | 2.00% | 2.00% | 2.00% |
| BoE | 4.50% | 4.00% | 3.75% | 3.75% |
| SNB | 0.25% | 0.10% | 0.10% | 0.10% |
| Norges Bank | 4.25% | 4.00% | 3.75% | 3.75% |
| Riksbank | 2.25% | 2.00% | 2.00% | 2.00% |
| BoC | 3.00% | 2.75% | 2.50% | 2.50% |
| RBA | 4.10% | 3.85% | 3.60% | 3.60% |
| RBNZ | 3.75% | 3.50% | 3.25% | 3.25% |
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 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 | 2.90% | 2.90% | 2.90% | 2.90% |
| India | 6.25% | 6.00% | 5.75% | 5.75% |
| Indonesia | 5.75% | 5.50% | 5.25% | 5.00% |
| Malaysia | 3.00% | 2.75% | 2.75% | 2.75% |
| Philippines | 5.50% | 5.25% | 5.00% | 5.00% |
| Singapore | 3.10% | 2.90% | 2.70% | 2.60% |
| South Korea | 2.75% | 2.50% | 2.25% | 2.25% |
| Taiwan | 2.00% | 1.88% | 1.75% | 1.63% |
| Thailand | 2.25% | 2.00% | 2.00% | 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% |
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
| US 2-Year Govt. Yield | 4.25% | 4.00% | 4.00% | 3.88% |
| US 10-Year Govt. Yield | 4.50% | 4.60% | 4.75% | 4.60% |
| Euro-zone 2-Year Govt. Yield | 1.90% | 1.80% | 1.90% | 1.90% |
| Euro-zone 10-Year Govt. Yield | 2.10% | 2.10% | 2.20% | 2.30% |
| Japan 2-Year Govt. Yield | 0.80% | 0.90% | 1.05% | 1.25% |
| Japan 10-Year Govt. Yield | 1.20% | 1.25% | 1.35% | 1.50% |
| UK 2-Year Govt. Yield | 4.10% | 3.80% | 3.70% | 3.70% |
| UK 10-Year Govt. Yield | 4.20% | 4.10% | 4.20% | 4.40% |
| 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 |
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I also understand that all materials on this website are not investment research or investment advice.