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FX Forecasts

 

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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.