MUFG FX Research was ranked 5th (from 48 eligible forecasters) in the Bloomberg Forecast Accuracy Ranking for G10 FX covering the four quarters to the end of June 2024 & 4th (from 18 eligible forecasters) for EMEA FX.
Find out what our economists and strategists are expecting over the coming quarters.
Latest forecast update: 02 July 2024
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | |
| USD/JPY | 154.00 | 152.00 | 150.00 | 148.00 |
| EUR/USD | 1.0800 | 1.0900 | 1.1200 | 1.1200 |
| GBP/USD | 1.2860 | 1.2980 | 1.3250 | 1.3180 |
| USD/CNY | 7.2200 | 7.1800 | 7.1500 | 7.1000 |
| AUD/USD | 0.6700 | 0.6800 | 0.6950 | 0.7100 |
| NZD/USD | 0.6100 | 0.6200 | 0.6300 | 0.6300 |
| USD/CAD | 1.3600 | 1.3400 | 1.3200 | 1.3000 |
| USD/NOK | 10.463 | 10.275 | 9.821 | 9.643 |
| USD/SEK | 10.556 | 10.367 | 10.000 | 9.821 |
| USD/CHF | 0.8940 | 0.8990 | 0.8840 | 0.8930 |
| USD/CZK | 23.150 | 23.120 | 22.680 | 22.770 |
| USD/HUF | 366.70 | 367.00 | 360.70 | 364.30 |
| USD/PLN | 3.9540 | 3.9630 | 3.8840 | 3.9110 |
| USD/RON | 4.6200 | 4.6060 | 4.5090 | 4.5270 |
| USD/RUB | 87.840 | 88.420 | 88.240 | 91.080 |
| USD/ZAR | 18.300 | 18.200 | 17.900 | 17.700 |
| USD/TRY | 34.250 | 35.500 | 37.000 | 38.000 |
| USD/INR | 83.500 | 83.000 | 82.500 | 82.800 |
| USD/IDR | 16420 | 16360 | 16150 | 16030 |
| USD/MYR | 4.7500 | 4.6000 | 4.5700 | 4.5300 |
| USD/PHP | 59.000 | 58.700 | 58.500 | 58.000 |
| USD/SGD | 1.3350 | 1.3200 | 1.3000 | 1.2900 |
| USD/KRW | 1385.0 | 1370.0 | 1345.0 | 1325.0 |
| USD/TWD | 32.400 | 32.000 | 31.700 | 31.400 |
| USD/THB | 35.700 | 35.300 | 35.000 | 34.700 |
| USD/VND | 25600 | 25700 | 25700 | 25700 |
| USD/ARS | 970.00 | 1350.00 | 1425.0 | 1500.0 |
| USD/BRL | 5.8000 | 5.7000 | 5.6000 | 5.4000 |
| USD/CLP | 960.00 | 970.00 | 930.00 | 890.00 |
| USD/MXN | 18.200 | 18.400 | 18.100 | 17.700 |
| USD/SAR | 3.7500 | 3.7500 | 3.7500 | 3.7500 |
| USD/EGP | 47.600 | 47.300 | 47.100 | 46.600 |
| 2024 | 2025 | ||
| US | 2.4% | 1.8% | |
| Japan | 0.2% | 1.2% | |
| Euro area | 0.7% | 1.4% | |
| Germany | 0.2% | 1.1% | |
| France | 0.8% | 1.3% | |
| Italy | 0.8% | 1.0% | |
| Spain | 2.4% | 2.0% | |
| UK | 0.9% | 1.6% | |
| Switzerland | 1.3% | 1.6% | |
| Norway | 0.7% | 1.4% | |
| Sweden | 0.3% | 1.8% | |
| Canada | 0.9% | 1.8% | |
| Australia | 1.3% | 2.4% | |
| New Zealand | 0.9% | 2.3% | |
| 2024 | 2025 | 2026 | |
| China | 5.0% | 4.8% | 4.7% |
| India | 7.0% | 6.5% | 6.5% |
| Indonesia | 4.8% | 5.1% | 5.0% |
| Malaysia | 4.0% | 4.3% | 4.5% |
| Philippines | 6.2% | 6.0% | 6.1% |
| Singapore | 2.4% | 2.6% | 2.7% |
| South Korea | 2.7% | 2.0% | 2.0% |
| Taiwan | 3.6% | 2.5% | 2.5% |
| Thailand | 2.9% | 3.1% | 3.3% |
| Vietnam | 6.0% | 6.4% | 6.5% |
| 2024 | 2025 | ||
| US | 3.2% | 2.5% | |
| Japan | 2.6% | 2.3% | |
| Euro area | 2.3% | 2.0% | |
| Germany | 2.4% | 2.1% | |
| France | 2.5% | 2.0% | |
| Italy | 1.6% | 1.9% | |
| Spain | 3.0% | 2.2% | |
| UK | 2.3% | 2.1% | |
| Switzerland | 1.5% | 1.3% | |
| Norway | 3.5% | 2.4% | |
| Sweden | 3.0% | 1.9% | |
| Canada | 2.4% | 2.1% | |
| Australia | 3.3% | 2.7% | |
| New Zealand | 3.1% | 2.2% | |
| 2024 | 2025 | 2026 | |
| China | 0.8% | 1.7% | 1.7% |
| India | 4.5% | 4.6% | 4.5% |
| Indonesia | 3.0% | 3.0% | 3.0% |
| Malaysia | 1.8% | 2.4% | 2.4% |
| Philippines | 3.5% | 3.3% | 3.0% |
| Singapore | 3.0% | 2.0% | 1.8% |
| South Korea | 2.5% | 2.0% | 1.6% |
| Taiwan | 2.0% | 1.7% | 1.7% |
| Thailand | 1.0% | 1.9% | 2.0% |
| Vietnam | 3.8% | 3.5% | 3.5% |
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | |
| Fed | 5.13% | 4.63% | 4.13% | 3.63% |
| BoJ | 0.25% | 0.25% | 0.50% | 0.50% |
| ECB | 3.50% | 3.25% | 3.00% | 2.75% |
| BoE | 5.00% | 4.75% | 4.50% | 4.25% |
| SNB | 1.00% | 1.00% | 0.75% | 0.75% |
| Norges Bank | 4.50% | 4.50% | 4.25% | 4.00% |
| Riksbank | 3.50% | 3.25% | 3.00% | 2.75% |
| BoC | 4.25% | 4.00% | 3.75% | 3.50% |
| RBA | 4.60% | 4.60% | 4.60% | 4.35% |
| RBNZ | 5.50% | 5.50% | 5.25% | 5.00% |
| China 7-day Repo | 1.70% | 1.60% | 1.60% | 1.60% |
| China 1-year MLF | 2.40% | 2.20% | 2.20% | 2.20% |
| China 1-year LPR | 3.35% | 3.25% | 3.25% | 3.25% |
| India | 6.50% | 6.50% | 6.25% | 6.00% |
| Indonesia | 6.25% | 6.25% | 6.00% | 5.75% |
| Malaysia | 3.00% | 3.00% | 3.00% | 3.00% |
| Philippines | 6.25% | 6.00% | 5.75% | 5.75% |
| Singapore | 3.40% | 3.30% | 3.10% | 2.60% |
| South Korea | 3.50% | 3.25% | 3.00% | 3.00% |
| Taiwan | 2.00% | 1.88% | 1.75% | 1.75% |
| Thailand | 2.50% | 2.50% | 2.50% | 2.25% |
| Vietnam | 4.50% | 4.50% | 4.50% | 4.50% |
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | |
| US 2-Year Govt. Yield | 4.00% | 3.88% | 3.75% | 3.63% |
| US 10-Year Govt. Yield | 4.13% | 4.00% | 4.00% | 4.00% |
| Euro-zone 2-Year Govt. Yield | 2.80% | 2.60% | 2.40% | 2.30% |
| Euro-zone 10-Year Govt. Yield | 2.50% | 2.40% | 2.30% | 2.30% |
| Japan 2-Year Govt. Yield | 0.40% | 0.50% | 0.70% | 0.90% |
| Japan 10-Year Govt. Yield | 1.10% | 1.20% | 1.30% | 1.40% |
| UK 2-Year Govt. Yield | 4.10% | 3.90% | 3.70% | 3.50% |
| UK 10-Year Govt. Yield | 4.20% | 4.00% | 3.90% | 3.80% |
| China 10-Year Govt. Yield | 2.30% | 2.40% | 2.45% | 2.55% |
| India 10-Year Govt. Yield | 7.00% | 6.90% | 6.80% | 6.70% |
| Indonesia 10-Year Govt. Yield | 6.89% | 6.70% | 6.60% | 6.50% |
| Malaysia 10-Year Govt. Yield | 3.69% | 3.50% | 3.45% | 3.25% |
| Philippines 10-Year Govt. Yield | 6.45% | 6.30% | 6.10% | 6.10% |
| Singapore 10-Year Govt. Yield | 2.98% | 2.70% | 2.75% | 2.80% |
| South Korea 10-Year Govt. Yield | 3.15% | 3.00% | 3.00% | 2.95% |
| Taiwan 10-Year Govt. Yield | 1.50% | 1.40% | 1.30% | 1.30% |
| Thailand 10-Year Govt. Yield | 2.74% | 2.80% | 2.85% | 2.75% |
| Vietnam 10-Year Govt. Yield | 2.70% | 2.60% | 2.60% | 2.70% |
| Unit | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | 2024 | 2025 | 2026 | ||
| US Natural Gas | USD/MMBtu | 1.90 | 2.10 | 2.60 | 2.90 | 3.10 | 2.85 | 3.00 | 2.22 | 2.96 | 2.10 | |
| EU Natural Gas | EUR/MWh | 23.00 | 30.00 | 31.00 | 28.00 | 22.00 | 23.00 | 50.23 | 26.00 | 18.00 | 48.00 | |
| WTI Crude | USD/b | 83.00 | 88.00 | 90.00 | 86.00 | 92.00 | 93.00 | 73.88 | 90.25 | 93.00 | 84.00 | |
| Brent Crude | USD/b | 80.00 | 86.00 | 89.00 | 89.00 | 89.00 | 89.00 | 89.00 | 89.00 | 89.00 | 89.00 | |
| EU ETS EUA | EUR/MT | 86 | 88 | 93 | 95 | 91 | 97 | 98 | 86.84 | 95.25 | 98.00 | |
| Copper | USD/lb | 8,700 | 9,150 | 9,500 | 10,150 | 10,800 | 11,450 | 12,000 | 8,972 | 11,100 | 12,500 | |
| Aluminium | USD/MT | 2,280 | 2,350 | 2,450 | 2,600 | 2,750 | 2,950 | 3,150 | 2,330 | 2,863 | 3,200 | |
| Zinc | USD/MT | 2,375 | 2,400 | 2,480 | 2,520 | 2,600 | 2,625 | 2,675 | 2,432 | 2,605 | 2,850 | |
| Nickel | USD/MT | 16,600 | 17,000 | 17,150 | 16,850 | 16,750 | 16,900 | 17,350 | 16,897 | 16,963 | 18,150 | |
| Gold | USD/t oz | 2,250 | 2,180 | 2,350 | 2,250 | 2,170 | 2,150 | 2,075 | 2,221 | 2,161 | 2,050 | |
| Silver | USD/t oz | 24.50 | 24.80 | 25.90 | 26.00 | 25.40 | 25.00 | 25.70 | 24.76 | 25.53 | 22.50 | |
| Platinum | USD/t oz | 950.00 | 1,020.0 | 1,045.0 | 1,015.0 | 1,045.0 | 1,060.0 | 1,075.0 | 984.6 | 1,048.8 | 1,090.0 | |
| Palladium | USD/t oz | 1,080 | 1,090 | 1,125 | 1,150 | 1,225 | 1,090 | 1,165 | 1,070 | 1,158 | 1,195 | |
| Hard Coking Coal | USD/MT | 275.00 | 285.00 | 260.00 | 240.00 | 280.00 | 290.00 | 250.00 | 275.28 | 265.00 | 320.00 | |
| Iron Ore | USD/MT | 115.00 | 110.00 | 100.00 | 105.00 | 95.00 | 110.00 | 125.00 | 112.56 | 108.75 | 155.00 | |
| Soybean | USD/bu | 1,285 | 1,250 | 1,230 | 1,260 | 1,285 | 1,345 | 1,380 | 1,244 | 1,318 | 1,360 | |
| Wheat | USD/bu | 590.00 | 620.00 | 680.00 | 615.00 | 635.00 | 650.00 | 640.00 | 619.86 | 635.00 | 690.00 | |
| Corn | USD/bu | 430.00 | 455.00 | 460.00 | 420.00 | 450.00 | 475.00 | 480.00 | 450.23 | 456.25 | 550.00 | |
| Cotton | USD/lb | 85.00 | 82.00 | 81.00 | 84.00 | 85.00 | 87.00 | 90.00 | 84.52 | 86.50 | 91.00 | |
| Coffee | USD/lb | 3,350 | 3,100 | 2,950 | 2,580 | 2,620 | 2,500 | 2,510 | 3,108 | 2,553 | 2,600 | |
| Sugar | USD/lb | 23.80 | 23.50 | 23.00 | 24.50 | 24.80 | 25.10 | 25.80 | 23.02 | 25.05 | 27.00 |
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I also understand that all materials on this website are not investment research or investment advice.