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 May 2026
G10 GDP & CPI: Our central scenario as of 1 April 2026
| Q2 2026 | Q3 2026 | Q4 2026 | Q1 2027 |
DXY | 99.990 | 97.810 | 96.360 | 96.210 |
USD/JPY | 158.00 | 156.00 | 154.00 | 152.00 |
EUR/USD | 1.1500 | 1.1800 | 1.2000 | 1.2000 |
GBP/USD | 1.3140 | 1.3410 | 1.3560 | 1.3480 |
USD/CNY | 6.8500 | 6.8300 | 6.8000 | 6.7800 |
AUD/USD | 0.7100 | 0.7150 | 0.7200 | 0.7300 |
NZD/USD | 0.5800 | 0.5900 | 0.6000 | 0.6050 |
USD/CAD | 1.3700 | 1.3600 | 1.3500 | 1.3400 |
USD/NOK | 9.4780 | 9.3220 | 9.2500 | 9.3330 |
USD/SEK | 9.4780 | 9.1530 | 8.9170 | 8.9170 |
USD/CHF | 0.7910 | 0.7710 | 0.7630 | 0.7670 |
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USD/CZK | 21.300 | 20.680 | 20.170 | 20.080 |
USD/HUF | 317.40 | 309.30 | 300.00 | 300.00 |
USD/PLN | 3.7220 | 3.6100 | 3.5330 | 3.5170 |
USD/RON | 4.4780 | 4.3900 | 4.3330 | 4.3500 |
USD/RUB | 75.880 | 75.860 | 77.060 | 79.820 |
USD/ZAR | 17.000 | 16.700 | 16.300 | 16.000 |
USD/TRY | 46.500 | 48.500 | 50.500 | 52.000 |
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USD/INR | 95.500 | 95.800 | 96.000 | 96.000 |
USD/IDR | 17000 | 16850 | 16700 | 16600 |
USD/MYR | 3.9000 | 3.8500 | 3.7500 | 3.7000 |
USD/PHP | 62.000 | 61.500 | 61.000 | 60.500 |
USD/SGD | 1.2750 | 1.2600 | 1.2600 | 1.2500 |
USD/KRW | 1480.0 | 1470.0 | 1460.0 | 1450.0 |
USD/TWD | 31.800 | 31.500 | 31.300 | 31.100 |
USD/THB | 33.400 | 33.000 | 32.500 | 32.000 |
USD/VND | 26400 | 26500 | 26600 | 26700 |
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USD/ARS | 1450.0 | 1500.00 | 1550.0 | 1650.0 |
USD/BRL | 5.0000 | 5.1000 | 4.9000 | 4.8000 |
USD/CLP | 920.00 | 900.00 | 880.00 | 860.00 |
USD/MXN | 17.750 | 17.750 | 17.500 | 17.500 |
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USD/SAR | 3.7500 | 3.7500 | 3.7500 | 3.7500 |
USD/EGP | 49.000 | 49.500 | 50.500 | 52.500 |
| 2025 | 2026 | 2027 | |
| US | 2.1% | 2.2% | 2.1% |
| Japan | 0.8% | 0.3% | 0.9% |
| Euro area | 1.4% | 0.7% | 1.2% |
| Germany | 0.2% | 0.5% | 1.2% |
| France | 0.8% | 0.6% | 0.9% |
| Italy | 0.5% | 0.4% | 0.6% |
| UK | 1.4% | 0.5% | 1.2% |
| Switzerland | 1.3% | 0.9% | 1.3% |
| Norway | 1.8% | 1.7% | 1.7% |
| Sweden | 1.8% | 1.5% | 1.7% |
| Canada | 1.7% | 1.0% | 1.6% |
| Australia | 2.0% | 1.9% | 2.0% |
| New Zealand | 0.2% | 1.8% | 2.3% |
| 2025 | 2026 | 2027 | |
| China | 5.0% | 4.8% | 4.8% |
| India | 7.6% | 6.6% | 6.7% |
| Indonesia | 5.1% | 5.0% | 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% | 1.8% | 2.0% |
| Taiwan | 8.6% | 6.2% | 3.7% |
| Thailand | 2.4% | 1.5% | 2.0% |
| Vietnam | 7.7% | 7.7% | 8.2% |
| 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% | 3.1% | 2.3% |
| Japan | 3.2% | 2.6% | 2.3% |
| Euro area | 2.1% | 2.9% | 2.2% |
| Germany | 2.3% | 3.1% | 2.4% |
| France | 0.9% | 1.8% | 1.9% |
| Italy | 1.6% | 2.4% | 2.0% |
| UK | 3.4% | 3.5% | 2.4% |
| Switzerland | 0.2% | 0.9% | 1.0% |
| Norway | 3.1% | 3.0% | 2.5% |
| Sweden | 0.7% | 2.4% | 2.3% |
| Canada | 2.1% | 2.6% | 2.2% |
| Australia | 2.8% | 3.9% | 2.9% |
| New Zealand | 2.8% | 2.9% | 2.3% |
| 2025 | 2026 | 2027 | |
| China | 0.1% | 1.0% | 1.0% |
| India | 1.6% | 4.4% | 4.3% |
| Indonesia | 1.9% | 3.0% | 2.8% |
| Malaysia | 1.6% | 1.7% | 1.8% |
| Philippines | 1.8% | 3.7% | 2.9% |
| Singapore | 0.9% | 1.7% | 2.0% |
| South Korea | 2.1% | 2.4% | 2.0% |
| Taiwan | 1.5% | 2.0% | 1.6% |
| Thailand | -0.1% | 1.0% | 1.4% |
| Vietnam | 3.3% | 4.2% | 4.3% |
| 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% |
| Q2 2026 | Q3 2026 | Q4 2026 | Q1 2027 |
Fed | 3.63% | 3.38% | 3.13% | 3.13% |
BoJ | 1.00% | 1.00% | 1.25% | 1.25% |
ECB | 2.25% | 2.50% | 2.50% | 2.50% |
BoE | 4.00% | 4.25% | 4.25% | 4.00% |
SNB | 0.00% | 0.00% | 0.00% | 0.00% |
Norges Bank | 4.25% | 4.50% | 4.50% | 4.50% |
Riksbank | 1.75% | 2.00% | 2.00% | 2.00% |
BoC | 2.25% | 2.25% | 2.25% | 2.50% |
RBA | 4.35% | 4.60% | 4.60% | 4.60% |
RBNZ | 2.25% | 2.50% | 2.75% | 2.75% |
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| Q2 2026 | Q3 2026 | Q4 2026 | Q1 2027 |
China 7-day Reverse Repo | 1.30% | 1.10% | 1.10% | 1.10% |
China 1-year LPR | 2.90% | 2.70% | 2.70% | 2.70% |
India | 5.25% | 5.25% | 5.50% | 5.50% |
Indonesia | 4.50% | 4.25% | 4.25% | 4.25% |
Malaysia | 2.75% | 2.75% | 2.75% | 2.75% |
Philippines | 4.25% | 4.50% | 4.50% | 4.50% |
Singapore | 1.24% | 1.38% | 1.49% | 1.50% |
South Korea | 2.50% | 2.50% | 2.50% | 2.50% |
Taiwan | 2.00% | 2.00% | 2.00% | 2.00% |
Thailand | 1.00% | 1.00% | 1.00% | 1.00% |
Vietnam | 4.75% | 4.75% | 4.75% | 4.75% |
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| Q2 2026 | Q3 2026 | Q4 2026 | Q1 2027 |
US 2-Year Govt. Yield | 3.63% | 3.38% | 3.13% | 3.13% |
US 10-Year Govt. Yield | 4.25% | 4.00% | 3.88% | 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 | 5.10% | 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.