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FX Majors 14-Jul-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23
EUR / USD 1.1791 1.21 1.22 1.22 1.24 1.26 1.28 1.28
USD / JPY 110.48 110.00 108.00 108.00 107.00 107.00 105.00 105.00
USD / CHF 0.9178 0.93 0.93 0.93 0.92 0.91 0.90 0.90
GBP / USD 1.3839 1.39 1.40 1.40 1.42 1.43 1.44 1.45
AUD / USD 0.7460 0.78 0.80 0.80 0.82 0.82 0.84 0.84
NZD / USD 0.7018 0.74 0.75 0.75 0.75 0.75 0.75 0.75
USD / CAD 1.2503 1.23 1.23 1.22 1.20 1.20 1.20 1.20
EUR / GBP 0.8520 0.87 0.87 0.87 0.87 0.88 0.89 0.88
EUR / JPY 130.27 133.10 131.76 131.76 132.68 134.82 134.40 134.40
EUR / CHF 1.0822 1.13 1.13 1.13 1.14 1.15 1.15 1.15

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 0.3008 0.30 0.30 0.30 0.30 0.30 0.30 0.30
USD / OMR 0.3851 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 3.7050 3.64 3.64 3.64 3.64 3.64 3.64 3.64
USD / EGP 15.6929 15.64 15.70 15.80 15.80 15.80 15.80 15.85
USD / MAD 8.9615 8.80 8.80 8.80 - - - -
USD / TND 2.81 2.80 2.85 2.90 2.90 - - -
USD / INR 74.5488 74.00 73.50 73.00 73.00 - - -
USD / CNY 6.4723 6.40 6.35 6.30 6.30 - - -
USD / SGD 1.3551 1.30 1.30 1.30 1.28 - - -

Source: Bloomberg, Emirates NBD Research.