FX Forecasts

FX Majors	27-Apr-22	Jun-22	Sep-22	Dec-22	Mar-23	Jun-23	Sep-23	Dec-23
EUR / USD	1.0652	1.09	1.09	1.10	1.12	1.13	1.14	1.15
USD / JPY	127.73	125.00	130.00	128.00	125.00	120.00	118.00	117.00
USD / CHF	0.9629	0.95	0.94	0.94	0.93	0.93	0.92	0.90
GBP / USD	1.2594	1.32	1.34	1.35	1.38	1.37	1.40	1.42
AUD / USD	0.7179	0.75	0.77	0.78	0.78	0.79	0.80	0.82
NZD / USD	0.6582	0.70	0.71	0.71	0.72	0.73	0.73	0.75
USD / CAD	1.2789	1.24	1.23	1.20	1.18	1.18	1.16	1.15
EUR / GBP	0.8458	0.83	0.81	0.81	0.81	0.82	0.81	0.81
EUR / JPY	136.06	136.25	141.70	149.80	140.00	135.60	134.52	134.55
EUR / CHF	1.0257	1.04	1.02	1.03	1.04	1.05	1.05	1.04

Source: Bloomberg, Emirates NBD Research.

FX EM	27-Apr-22	Jun-22	Sep-22	Dec-22	Mar-23	Jun-23	Sep-23	Dec-22
USD / SAR	3.7508	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	0.3060	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	3.6528	3.64	3.64	3.64	3.64	3.64	3.64	3.64
USD / EGP	18.4999	18.50	18.60	18.75	18.75	18.75	19.00	19.00
USD / MAD	9.9144	10.00	10.00	10.25	10.50	10.25	10.00	10.00
USD / TND	3.0536	3.80	3.90	4.00	4.00	4.10	4.10	4.00
USD / INR	76.6425	76.00	75.00	74.50	74.50	75.00	75.00	77.00
USD / CNY	6.5521	6.40	6.42	6.45	6.45	6.40	6.38	6.35
USD / SGD	1.3771	1.35	1.34	1.33	1.33	1.32	1.30	1.30

Source: Bloomberg, Emirates NBD Research.