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: 1 April 2025
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
| USD/JPY | 152.00 | 150.00 | 148.00 | 146.00 |
| EUR/USD | 1.0600 | 1.0800 | 1.1000 | 1.1400 |
| GBP/USD | 1.2850 | 1.2930 | 1.3170 | 1.3570 |
| USD/CNY | 7.4000 | 7.4000 | 7.3500 | 7.3000 |
| AUD/USD | 0.6100 | 0.6300 | 0.6500 | 0.6600 |
| NZD/USD | 0.5600 | 0.5700 | 0.5800 | 0.6000 |
| USD/CAD | 1.4800 | 1.4700 | 1.4200 | 1.3800 |
| USD/NOK | 10.943 | 10.648 | 10.364 | 9.825 |
| USD/SEK | 10.472 | 10.370 | 10.000 | 9.474 |
| USD/CHF | 0.8870 | 0.8610 | 0.8450 | 0.8330 |
| USD/CZK | 23.580 | 23.150 | 22.550 | 21.670 |
| USD/HUF | 382.10 | 379.60 | 377.30 | 364.00 |
| USD/PLN | 3.9620 | 3.8890 | 3.8640 | 3.7280 |
| USD/RON | 4.6980 | 4.6200 | 4.5550 | 4.4120 |
| USD/RUB | 87.63 | 88.80 | 89.95 | 89.37 |
| USD/ZAR | 18.500 | 18.750 | 19.000 | 18.750 |
| USD/TRY | 39.500 | 41.500 | 44.000 | 46.000 |
| USD/INR | 86.800 | 87.200 | 87.500 | 87.000 |
| USD/IDR | 16625 | 16410 | 16200 | 16300 |
| USD/MYR | 4.5500 | 4.4500 | 4.4000 | 4.3500 |
| USD/PHP | 58.800 | 58.500 | 58.200 | 58.000 |
| USD/SGD | 1.3750 | 1.3700 | 1.3650 | 1.3500 |
| USD/KRW | 1480.0 | 1475.0 | 1460.0 | 1445.0 |
| USD/TWD | 33.500 | 33.400 | 33.100 | 32.800 |
| USD/THB | 35.400 | 35.700 | 35.500 | 35.000 |
| USD/VND | 25900 | 25900 | 25900 | 25800 |
| USD/ARS | 1225.0 | 1400.00 | 1500.0 | 1600.0 |
| USD/BRL | 5.8500 | 5.9000 | 6.0000 | 6.0500 |
| USD/CLP | 965.0 | 980.0 | 990.0 | 1000.0 |
| USD/MXN | 20.750 | 21.000 | 20.750 | 20.500 |
| USD/SAR | 3.7500 | 3.7500 | 3.7500 | 3.7500 |
| USD/EGP | 50.800 | 51.000 | 51.200 | 51.400 |
| 2024 | 2025 | 2026 | |
| US | 2.7% | 2.1% | 2.1% |
| Japan | -0.2% | 1.2% | 1.0% |
| Euro area | 0.7% | 0.9% | 1.4% |
| Germany | -0.2% | 0.5% | 1.7% |
| France | 1.2% | 0.7% | 1.0% |
| Italy | 0.7% | 0.7% | 1.0% |
| UK | 0.9% | 1.0% | 1.5% |
| Switzerland | 1.3% | 1.2% | 1.3% |
| Norway | 0.9% | 1.3% | 1.4% |
| Sweden | 0.6% | 1.7% | 2.0% |
| Canada | 1.3% | 1.9% | 1.8% |
| Australia | 1.0% | 2.0% | 2.5% |
| New Zealand | -0.1% | 1.1% | 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 | 2.70% | 3.00% | 2.90% |
| Czech Rep. | -0.10% | 2.30% | 2.40% |
| Egypt | 4.10% | 4.20% | 4.80% |
| Hungary | 0.70% | 2.30% | 3.20% |
| Iraq | 0.03% | 4.07% | 5.20% |
| Israel | 0.50% | 3.50% | 3.90% |
| Jordan | 2.30% | 2.60% | 2.70% |
| Kenya | 5.00% | 5.00% | 5.30% |
| Kuwait | -0.90% | 3.00% | 2.90% |
| Morocco | 3.00% | 3.90% | 3.80% |
| Nigeria | 3.00% | 3.30% | 3.40% |
| Oman | 1.70% | 3.20% | 3.00% |
| Poland | 2.80% | 3.30% | 3.20% |
| Romania | 1.20% | 2.90% | 2.90% |
| Qatar | 2.00% | 2.70% | 5.20% |
| Russia | 3.60% | 1.60% | 1.40% |
| Saudi Arabia | 1.20% | 4.60% | 4.60% |
| South Africa | 0.70% | 1.70% | 1.90% |
| Turkey | 3.00% | 2.60% | 3.50% |
| Ukraine | 3.90% | 3.40% | 4.80% |
| UAE | 3.70% | 5.00% | 4.20% |
| 2024 | 2025 | 2026 | |
| US | 3.0% | 2.4% | 2.4% |
| Japan | 2.6% | 2.2% | 1.9% |
| Euro area | 2.4% | 2.2% | 2.0% |
| Germany | 2.5% | 2.0% | 2.2% |
| France | 2.3% | 1.7% | 1.8% |
| Italy | 1.1% | 1.8% | 1.9% |
| UK | 2.5% | 3.1% | 2.2% |
| Switzerland | 1.1% | 0.8% | 1.0% |
| Norway | 3.2% | 2.3% | 2.0% |
| Sweden | 2.9% | 1.6% | 1.9% |
| Canada | 2.4% | 2.2% | 2.1% |
| Australia | 3.1% | 2.7% | 2.6% |
| New Zealand | 2.8% | 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 | 1.0% | 1.7% | 1.9% |
| Czech Rep. | 2.5% | 2.3% | 2.1% |
| Egypt | 31.0% | 18.5% | 12.0% |
| Hungary | 3.7% | 4.2% | 3.5% |
| Iraq | 1.6% | 3.5% | 3.5% |
| Israel | 3.1% | 2.9% | 2.3% |
| Jordan | 1.5% | 2.0% | 2.2% |
| Kenya | 4.6% | 4.9% | 5.2% |
| Kuwait | 3.0% | 2.5% | 2.3% |
| Morocco | 1.6% | 2.2% | 2.1% |
| Nigeria | 32.6% | 25.8% | 15.0% |
| Oman | 0.7% | 1.3% | 1.2% |
| Poland | 3.8% | 4.4% | 3.2% |
| Romania | 5.5% | 3.9% | 3.9% |
| Qatar | 1.2% | 1.7% | 1.9% |
| Russia | 8.1% | 7.6% | 5.4% |
| Saudi Arabia | 1.7% | 1.9% | 1.9% |
| South Africa | 4.6% | 4.1% | 4.5% |
| Turkey | 59.9% | 32.5% | 21.0% |
| Ukraine | 6.1% | 11.6% | 6.7% |
| UAE | 2.2% | 2.0% | 2.1% |
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
| Fed | 4.13% | 3.88% | 3.63% | 3.63% |
| BoJ | 0.50% | 0.50% | 0.75% | 0.75% |
| 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% | 1.10% | 1.10% | 1.10% |
| China 1-year MLF | 1.70% | 1.50% | 1.50% | 1.50% |
| China 1-year LPR | 2.90% | 2.70% | 2.70% | 2.70% |
| India | 6.25% | 6.25% | 6.00% | 6.00% |
| 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% |
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
| Bahrain | 6.00% | 5.75% | 5.75% | 5.50% |
| Czech Rep. | 3.75% | 3.50% | 3.25% | 3.25% |
| Egypt | 25.00% | 22.00% | 20.00% | 18.25% |
| Hungary | 6.50% | 6.50% | 6.25% | 5.75% |
| Iraq | 4.00% | 3.00% | 3.00% | 3.00% |
| Israel | 4.50% | 4.50% | 4.25% | 4.00% |
| Jordan | 7.25% | 7.00% | 6.75% | 6.75% |
| Kenya | 10.75% | 10.50% | 10.25% | 9.75% |
| Kuwait | 4.00% | 3.75% | 3.65% | 3.50% |
| Morocco | 2.50% | 2.25% | 2.25% | 2.00% |
| Nigeria | 27.50% | 27.00% | 26.00% | 25.00% |
| Oman | 5.00% | 4.75% | 4.75% | 4.50% |
| Poland | 5.75% | 5.75% | 5.50% | 5.00% |
| Romania | 6.50% | 6.00% | 5.25% | 4.50% |
| Qatar | 4.85% | 4.50% | 4.50% | 4.25% |
| Russia | 21.00% | 19.00% | 18.00% | 17.00% |
| Saudi Arabia | 4.50% | 4.25% | 4.25% | 4.00% |
| South Africa | 7.50% | 7.50% | 7.25% | 7.00% |
| Turkey | 42.50% | 37.50% | 32.50% | 28.50% |
| Ukraine | 15.50% | 15.00% | 14.00% | 13.50% |
| UAE | 4.25% | 4.00% | 4.00% | 3.75% |
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
| US 2-Year Govt. Yield | 4.13% | 4.00% | 3.88% | 3.75% |
| US 10-Year Govt. Yield | 4.50% | 4.38% | 4.50% | 4.38% |
| Euro-zone 2-Year Govt. Yield | 1.90% | 1.80% | 1.90% | 1.90% |
| Euro-zone 10-Year Govt. Yield | 2.20% | 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% | 1.30% | 1.40% |
| UK 2-Year Govt. Yield | 4.10% | 3.80% | 3.70% | 3.70% |
| UK 10-Year Govt. Yield | 4.30% | 4.10% | 4.20% | 4.40% |
| Unit | Q1-25 | Q2-25 | Q3-25 | Q4-25 | 2024 | 2025 | 2026 | ||
| US Natural Gas | USD/MMBtu | 3.20 | 2.90 | 2.70 | 2.90 | 3.11 | 2.93 | 3.40 | |
| EU Natural Gas | EUR/MWh | 52.00 | 38.00 | 33.00 | 29.00 | 38.77 | 38.00 | 28.00 | |
| WTI Crude | USD/b | 68.00 | 64.00 | 69.00 | 72.00 | 72.11 | 68.25 | 78.00 | |
| Brent Crude | USD/b | 73.00 | 69.00 | 74.00 | 77.00 | 76.61 | 73.25 | 83.00 | |
| EU ETS EUA | EUR/MT | 73.00 | 75.00 | 79.00 | 82.00 | 68.84 | 77.25 | 85.00 | |
| Copper | USD/lb | 9,050 | 9,275 | 9,650 | 9,900 | 9,264 | 9,469 | 11,500 | |
| Aluminium | USD/MT | 2,600 | 2,675 | 2,750 | 2,875 | 2,457 | 2,725 | 2,950 | |
| Zinc | USD/MT | 3,150 | 3,050 | 3,200 | 3,325 | 2,810 | 3,181 | 3,450 | |
| Nickel | USD/MT | 16,025 | 15,800 | 15,700 | 15,850 | 17,057 | 15,844 | 15,500 | |
| Gold | USD/t oz | 2,850 | 3,100 | 3,325 | 3,450 | 2,387 | 3,181 | 3,600 | |
| Silver | USD/t oz | 32.50 | 34.50 | 36.10 | 37.60 | 29.48 | 35.18 | 39.00 | |
| Platinum | USD/t oz | 1,015 | 1,045 | 1,020 | 1,045 | 984.53 | 1,031 | 1,090 | |
| Palladium | USD/t oz | 940 | 960 | 965 | 1,020 | 1,001 | 971 | 1,050 | |
| Hard Coking Coal | USD/MT | 215.00 | 235.00 | 240.00 | 230.00 | 252.70 | 230.00 | 275.00 | |
| Iron Ore | USD/MT | 95.00 | 90.00 | 100.00 | 105.00 | 103.53 | 97.50 | 112.50 | |
| Soybean | USD/bu | 1,020 | 1,000 | 1,050 | 975 | 1,109 | 1,011 | 1,050 | |
| Wheat | USD/bu | 615.00 | 600.00 | 620.00 | 675.00 | 617.37 | 627.50 | 620.00 | |
| Corn | USD/bu | 420.00 | 450.00 | 415.00 | 475.00 | 457.15 | 440.00 | 485.00 | |
| Cotton | USD/lb | 70.00 | 72.00 | 75.00 | 78.00 | 76.01 | 73.75 | 80.00 | |
| Coffee | USD/lb | 350.00 | 380.00 | 375.00 | 390.00 | 231.11 | 373.75 | 420.00 | |
| Sugar | USD/lb | 21.50 | 21.25 | 21.00 | 21.50 | 20.71 | 21.31 | 22.00 |
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I also understand that all materials on this website are not investment research or investment advice.