Emirates NBD Research
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FX Forecasts
| FX Majors | 28-Sep-23 | Sep-23 | Dec-23 | Mar-24 | Jun-24 | Sep-24 | Dec-24 | Mar-25 |
| EUR / USD | 1.0503 | 1.06 | 1.05 | 1.06 | 1.07 | 1.08 | 1.10 | 1.14 |
| USD / JPY | 149.39 | 148.00 | 145.00 | 140.00 | 140.00 | 138.00 | 137.50 | 1.33 |
| USD / CHF | 0.9209 | 0.91 | 0.90 | 0.89 | 0.89 | 0.87 | 0.85 | 0.84 |
| GBP / USD | 1.2142 | 1.22 | 1.22 | 1.23 | 1.25 | 1.27 | 1.28 | 1.30 |
| AUD / USD | 0.6377 | 0.64 | 0.64 | 0.65 | 0.66 | 0.67 | 0.69 | 0.73 |
| NZD / USD | 0.5943 | 0.60 | 0.58 | 0.58 | 0.60 | 0.62 | 0.62 | 0.65 |
| USD / CAD | 1.3491 | 1.35 | 1.33 | 1.32 | 1.32 | 1.30 | 1.28 | 1.28 |
| EUR / GBP | 0.8650 | 0.87 | 0.86 | 0.86 | 0.86 | 0.85 | 0.86 | 0.88 |
| EUR / JPY | 156.90 | 156.88 | 152.25 | 148.40 | 149.80 | 149.04 | 151.25 | 1.52 |
| EUR / CHF | 0.9672 | 0.96 | 0.95 | 0.94 | 0.95 | 0.94 | 0.94 | 0.96 |
Source: Bloomberg, Emirates NBD Research.
| FX EM | 28-Sep-23 | Sep-23 | Dec-23 | Mar-24 | Jun-24 | Sep-24 | Dec-24 | Mar-25 |
| USD / SAR | 3.7511 | 3.75 | 3.75 | 3.75 | 3.75 | 3.75 | 3.75 | 3.75 |
| USD / AED | 3.6730 | 3.67 | 3.67 | 3.67 | 3.67 | 3.67 | 3.67 | 3.67 |
| USD / KWD | 0.3093 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 |
| USD / OMR | 0.3850 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 |
| USD / BHD | 0.3770 | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 |
| USD / QAR | 3.6467 | 3.64 | 3.64 | 3.64 | 3.64 | 3.64 | 3.64 | 3.64 |
| USD / INR | 83.1725 | 83.25 | 83.00 | 83.25 | 83.50 | 83.50 | 83.60 | 83.75 |
| USD / MAD | 10.3231 | 10.25 | 10.30 | 10.20 | 10.10 | 10.10 | 10.10 | 10.10 |
| USD / TND | 3.1862 | 3.15 | 3.20 | 3.30 | 3.35 | 3.40 | 3.50 | 3.50 |
| USD / CNY | 7.3087 | 7.30 | 7.30 | 7.30 | 7.25 | 7.25 | 7.15 | 7.15 |
| USD / SGD | 1.3714 | 1.37 | 1.34 | 1.33 | 1.32 | 1.31 | 1.30 | 1.30 |
Source: Bloomberg, Emirates NBD Research.