FX Forecasts

FX Majors	23-Sep-21	Sep-21	Dec-21	Mar-22	Jun-22	Sep-22	Dec-22	Mar-23
EUR / USD	1.1707	1.17	1.18	1.17	1.16	1.15	1.14	1.15
USD / JPY	109.81	109.00	110.00	110.00	111.00	111.00	112.00	114.00
USD / CHF	0.9265	0.93	0.93	0.93	0.92	0.91	0.90	0.90
GBP / USD	1.3637	1.37	1.39	1.39	1.40	1.42	1.42	1.43
AUD / USD	0.7236	0.72	0.83	0.73	0.73	0.73	0.73	0.74
NZD / USD	0.6999	0.71	0.71	0.71	0.73	0.73	0.73	0.74
USD / CAD	1.2762	1.26	1.25	1.25	1.24	1.24	1.23	1.23
EUR / GBP	0.8585	0.85	0.85	0.84	0.83	0.81	0.80	0.80
EUR / JPY	128.55	127.53	129.80	128.70	128.76	127.65	127.68	131.10
EUR / CHF	1.0847	1.09	1.10	1.09	1.07	1.05	1.03	1.04

Source: Bloomberg, Emirates NBD Research.

FX EM	14-Jul-21	Sep-21	Dec-21	Mar-22	Jun-22	Sep-22	Dec-22	Mar-23
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	0.3010	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	0.3769	0.38	0.38	0.38	0.38	0.38	0.38	0.38
USD / QAR	3.6808	3.64	3.64	3.64	3.64	3.64	3.64	3.64
USD / EGP	15.6984	15.64	15.70	15.80	15.80	15.80	15.80	15.85
USD / MAD	8.9944	8.80	8.80	8.80	-	-	-	-
USD / TND	2.80	2.80	2.85	2.90	2.90	-	-	-
USD / INR	73.8662	73.60	73.75	74.00	74.00	73.75	73.50	73.50
USD / CNY	6.4656	6.40	6.35	6.30	6.30	6.30	6.30	6.30
USD / SGD	1.3514	1.34	1.33	1.32	1.30	1.30	1.29	1.29

Source: Bloomberg, Emirates NBD Research.