Our global economic and financial forecasts
Find out what our economists and strategists are expecting over coming quarters.
Latest FX forecast update: 01 October 2026
G10 GDP & CPI update: 09 September 2026
| Q4 2026 | Q1 2027 | Q2 2027 | Q3 2027 |
DXY | 102.19 | 100.58 | 98.880 | 97.270 |
USD/JPY | 155.00 | 153.00 | 151.00 | 149.00 |
EUR/USD | 1.1200 | 1.1400 | 1.1600 | 1.1800 |
GBP/USD | 1.3100 | 1.3180 | 1.3330 | 1.3490 |
USD/CNY | 6.6500 | 6.6000 | 6.5500 | 6.5000 |
AUD/USD | 0.7000 | 0.7100 | 0.7200 | 0.7300 |
NZD/USD | 0.5700 | 0.5800 | 0.5900 | 0.6000 |
USD/CAD | 1.4200 | 1.4000 | 1.3800 | 1.3600 |
USD/NOK | 9.7320 | 9.6490 | 9.5690 | 9.4070 |
USD/SEK | 10.179 | 9.9120 | 9.5690 | 9.3220 |
USD/CHF | 0.8480 | 0.8290 | 0.8060 | 0.7840 |
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USD/CZK | 21.790 | 21.230 | 20.690 | 20.170 |
USD/HUF | 325.90 | 315.80 | 306.00 | 300.80 |
USD/PLN | 3.9020 | 3.8070 | 3.7070 | 3.6190 |
USD/RON | 4.7320 | 4.6750 | 4.6210 | 4.5680 |
USD/RUB | 84.440 | 85.610 | 86.750 | 87.880 |
USD/ZAR | 16.800 | 16.600 | 16.300 | 15.900 |
USD/TRY | 51.500 | 53.500 | 55.500 | 57.000 |
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USD/INR | 96.000 | 95.500 | 97.000 | 97.500 |
USD/IDR | 18350 | 18500 | 18700 | 18600 |
USD/MYR | 4.0300 | 4.0000 | 4.0000 | 3.9800 |
USD/PHP | 62.800 | 62.500 | 62.300 | 62.000 |
USD/SGD | 1.2750 | 1.2700 | 1.2700 | 1.2600 |
USD/KRW | 1350.0 | 1330.0 | 1315.0 | 1300.0 |
USD/TWD | 31.800 | 31.500 | 31.200 | 30.900 |
USD/THB | 34.100 | 34.000 | 33.800 | 33.500 |
USD/VND | 26100 | 26200 | 26300 | 26400 |
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USD/ARS | 1575.0 | 1650.00 | 1700.0 | 1750.0 |
USD/BRL | 5.2500 | 5.1500 | 5.0000 | 4.9000 |
USD/CLP | 980.00 | 960.00 | 940.00 | 900.00 |
USD/MXN | 18.100 | 17.750 | 17.400 | 17.000 |
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USD/SAR | 3.7500 | 3.7500 | 3.7500 | 3.7500 |
USD/EGP | 52.500 | 53.000 | 53.000 | 53.500 |
| 2025 | 2026 | 2027 |
US | 2.1% | 1.7% | 1.9% |
Japan (FY) | 0.9% | 0.7% | 0.9% |
Euro area | 1.2% | 1.0% | 1.2% |
Germany | 0.2% | 0.9% | 1.1% |
France | 0.8% | 0.5% | 0.7% |
Italy | 0.5% | 0.9% | 0.7% |
UK | 1.3% | 1.2% | 1.2% |
Switzerland | 1.6% | 1.8% | 1.6% |
Norway | 1.7% | 1.0% | 1.7% |
Sweden | 1.6% | 2.6% | 1.9% |
Canada | 1.9% | 1.0% | 1.7% |
Australia | 2.0% | 1.9% | 1.8% |
New Zealand | 0.2% | 2.1% | 2.5% |
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| 2025 | 2026 | 2027 |
China | 5.0% | 4.7% | 4.7% |
India | 7.6% | 6.8% | 6.7% |
Indonesia | 5.1% | 5.3% | 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% | 2.8% | 2.2% |
Taiwan | 8.6% | 9.8% | 3.7% |
Thailand | 2.4% | 2.0% | 2.0% |
Vietnam | 7.7% | 8.8% | 8.2% |
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| 2025 | 2026 | 2027 |
Bahrain | 3.0% | -2.0% | 4.7% |
Czech Republic | 2.5% | 2.2% | 2.3% |
Egypt | 4.4% | 4.3% | 4.8% |
Hungary | 0.4% | 1.7% | 1.7% |
Iraq | -0.4% | -6.8% | 5.7% |
Israel | 3.0% | 3.3% | 4.4% |
Jordan | 2.7% | 2.5% | 3.0% |
Kenya | 4.9% | 4.6% | 4.9% |
Kuwait | 3.1% | -4.5% | 5.3% |
Morocco | 4.9% | 4.4% | 4.3% |
Nigeria | 4.0% | 4.1% | 4.2% |
Oman | 2.4% | 3.4% | 3.0% |
Poland | 3.5% | 3.4% | 2.7% |
Romania | 0.8% | 0.3% | 2.4% |
Qatar | 2.8% | -8.2% | 8.5% |
Russia | 0.7% | 0.9% | 1.2% |
Saudi Arabia | 4.5% | 1.9% | 5.3% |
South Africa | 1.2% | 1.2% | 1.4% |
Turkey | 3.7% | 3.2% | 3.6% |
Ukraine | 1.8% | 1.8% | 3.3% |
UAE | 5.3% | 1.4% | 5.9% |
| 2025 | 2026 | 2027 |
US | 2.7% | 3.3% | 2.3% |
Japan (FY) | 3.2% | 2.3% | 1.1% |
Euro area | 2.1% | 3.0% | 2.3% |
Germany | 2.3% | 2.9% | 2.4% |
France | 0.9% | 2.4% | 1.8% |
Italy | 1.6% | 2.9% | 2.0% |
UK | 3.4% | 3.2% | 2.5% |
Switzerland | 0.2% | 0.6% | 0.9% |
Norway | 3.1% | 3.2% | 2.3% |
Sweden | 0.7% | 0.8% | 2.0% |
Canada | 2.1% | 2.7% | 2.0% |
Australia | 2.8% | 4.3% | 2.8% |
New Zealand | 2.8% | 3.5% | 2.3% |
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| 2025 | 2026 | 2027 |
China | 0.1% | 1.2% | 1.2% |
India | 1.6% | 5.0% | 4.4% |
Indonesia | 1.9% | 3.0% | 2.8% |
Malaysia | 1.6% | 1.7% | 1.8% |
Philippines | 1.8% | 5.4% | 3.9% |
Singapore | 0.9% | 2.0% | 2.0% |
South Korea | 2.1% | 2.7% | 2.1% |
Taiwan | 1.5% | 2.0% | 1.7% |
Thailand | -0.1% | 2.1% | 1.4% |
Vietnam | 3.3% | 4.7% | 4.6% |
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| 2025 | 2026 | 2027 |
Bahrain | 0.0% | 2.5% | 1.6% |
Czech Republic | 2.5% | 2.4% | 2.4% |
Egypt | 17.4% | 13.6% | 11.5% |
Hungary | 4.5% | 3.3% | 3.4% |
Iraq | 0.3% | 3.0% | 1.6% |
Israel | 3.0% | 2.1% | 2.0% |
Jordan | 1.8% | 2.8% | 2.1% |
Kenya | 4.1% | 6.0% | 5.7% |
Kuwait | 2.4% | 3.0% | 2.7% |
Morocco | 1.0% | 2.5% | 2.0% |
Nigeria | 22.1% | 15.8% | 14.5% |
Oman | 1.0% | 2.0% | 1.9% |
Poland | 3.6% | 3.2% | 3.0% |
Romania | 7.3% | 7.9% | 4.0% |
Qatar | 0.5% | 3.5% | 2.3% |
Russia | 8.7% | 5.8% | 4.5% |
Saudi Arabia | 2.1% | 2.2% | 2.1% |
South Africa | 3.2% | 4.1% | 3.6% |
Turkey | 34.9% | 29.7% | 22.2% |
Ukraine | 12.8% | 7.1% | 7.3% |
UAE | 1.4% | 2.9% | 2.1% |
| Q4 2026 | Q1 2027 | Q2 2027 | Q3 2027 |
Fed | 4.13% | 4.13% | 4.13% | 3.88% |
BoJ | 1.50% | 1.75% | 2.00% | 2.00% |
ECB | 2.75% | 3.00% | 3.00% | 2.75% |
BoE | 4.00% | 4.25% | 4.25% | 4.00% |
SNB | 0.00% | 0.00% | 0.00% | 0.00% |
Norges Bank | 4.50% | 4.75% | 4.75% | 4.75% |
Riksbank | 2.00% | 2.00% | 2.25% | 2.25% |
BoC | 2.50% | 2.75% | 2.75% | 2.75% |
RBA | 4.60% | 4.60% | 4.60% | 4.60% |
RBNZ | 3.00% | 3.25% | 3.25% | 3.25% |
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| Q3 2026 | Q4 2026 | Q1 2027 | Q2 2027 |
China 7-day Reverse Repo | 1.40% | 1.40% | 1.40% | 1.40% |
China 1-year LPR | 3.00% | 3.00% | 3.00% | 3.00% |
India | 5.25% | 5.50% | 5.75% | 5.75% |
Indonesia | 6.25% | 6.25% | 6.25% | 6.00% |
Malaysia | 2.75% | 2.75% | 2.75% | 2.75% |
Philippines | 5.00% | 5.25% | 5.25% | 5.00% |
Singapore | 1.30% | 1.36% | 1.40% | 1.40% |
South Korea | 2.75% | 3.00% | 3.00% | 3.00% |
Taiwan | 2.00% | 2.00% | 2.00% | 2.00% |
Thailand | 1.00% | 1.00% | 1.00% | 1.00% |
Vietnam | 4.50% | 4.75% | 4.75% | 4.75% |
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| Q4 2026 | Q1 2027 | Q2 2027 | Q3 2027 |
US 2-Year Govt. Yield | 4.70% | 4.50% | 4.30% | 4.00% |
US 10-Year Govt. Yield | 4.75% | 4.63% | 4.50% | 4.38% |
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Euro-zone 2-Year Govt. Yield | 3.10% | 3.00% | 2.90% | 2.60% |
Euro-zone 10-Year Govt. Yield | 3.50% | 3.40% | 3.20% | 3.00% |
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Japan 2-Year Govt. Yield | 1.90% | 1.90% | 2.00% | 2.00% |
Japan 10-Year Govt. Yield | 3.10% | 3.20% | 3.20% | 3.30% |
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UK 2-Year Govt. Yield | 4.80% | 4.70% | 4.50% | 4.20% |
UK 10-Year Govt. Yield | 5.40% | 5.20% | 5.00% | 4.80% |
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I also understand that all materials on this website are not investment research or investment advice.