Emirates NBD Research
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FX Forecasts
| FX Majors | 30-May-23 | Jun-23 | Sep-23 | Dec-23 | Mar-24 | Jun-24 | Sep-24 | Dec-24 |
| EUR / USD | 1.0704 | 1.08 | 1.10 | 1.13 | 1.18 | 1.20 | 1.20 | 1.22 |
| USD / JPY | 140.40 | 140.00 | 135.00 | 130.00 | 125.00 | 120.00 | 120.00 | 118.00 |
| USD / CHF | 0.9044 | 0.91 | 0.90 | 0.90 | 0.89 | 0.97 | 0.85 | 0.84 |
| GBP / USD | 1.2355 | 1.24 | 1.24 | 1.25 | 1.26 | 1.28 | 1.28 | 1.30 |
| AUD / USD | 0.6517 | 0.65 | 0.65 | 0.68 | 0.70 | 0.72 | 0.75 | 0.80 |
| NZD / USD | 0.6038 | 0.62 | 0.63 | 0.65 | 0.68 | 0.70 | 0.70 | 0.74 |
| USD / CAD | 1.3596 | 1.35 | 1.30 | 1.28 | 1.25 | 1.22 | 1.20 | 1.20 |
| EUR / GBP | 0.8664 | 0.87 | 0.89 | 0.90 | 0.94 | 0.94 | 0.94 | 0.94 |
| EUR / JPY | 150.28 | 151.20 | 148.50 | 146.90 | 147.50 | 144.00 | 144.00 | 143.96 |
| EUR / CHF | 0.9681 | 0.98 | 0.99 | 1.02 | 1.05 | 1.16 | 1.02 | 1.02 |
Source: Bloomberg, Emirates NBD Research.
| FX EM | 30-May-23 | Jun-23 | Sep-23 | Dec-23 | Mar-24 | Jun-24 | Sep-24 | Dec-24 |
| USD / SAR | 3.7504 | 3.75 | 3.75 | 3.75 | 3.75 | 3.75 | 3.75 | 3.75 |
| USD / AED | 3.6724 | 3.67 | 3.67 | 3.67 | 3.67 | 3.67 | 3.67 | 3.67 |
| USD / KWD | 0.3076 | 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 | 3.6469 | 3.64 | 3.64 | 3.64 | 3.64 | 3.64 | 3.64 | 3.64 |
| USD / INR | 82.6788 | 82.00 | 81.50 | 81.25 | 80.00 | 80.00 | 80.00 | 80.00 |
| USD / MAD | 10.1953 | 10.20 | 10.10 | 10.00 | 9.90 | 9.80 | - | - |
| USD / TND | 3.1037 | 3.15 | 3.20 | 3.25 | 3.30 | 3.30 | 3.10 | 3.00 |
| USD / CNY | 7.0919 | 7.10 | 7.10 | 7.00 | 7.00 | 6.90 | 6.80 | 6.75 |
| USD / SGD | 1.3544 | 1.35 | 1.33 | 1.30 | 1.29 | 1.28 | 1.27 | 1.27 |
Source: Bloomberg, Emirates NBD Research.