FX Forecasts

FX Majors	30-May-22	Jun-22	Sep-22	Dec-22	Mar-23	Jun-23	Sep-23	Dec-23
EUR / USD	1.0760	1.05	1.07	1.08	1.10	1.11	1.13	1.14
USD / JPY	127.17	125.00	130.00	128.00	125.00	120.00	118.00	117.00
USD / CHF	0.9566	0.98	1.00	1.00	0.98	0.98	0.97	0.96
GBP / USD	1.2649	1.25	1.26	1.27	1.28	1.30	1.30	1.32
AUD / USD	0.7188	0.72	0.75	0.78	0.78	0.79	0.80	0.82
NZD / USD	0.6552	0.65	0.65	0.70	0.72	0.73	0.73	0.75
USD / CAD	1.2695	1.27	1.26	1.25	1.22	1.20	1.18	1.18
EUR / GBP	0.8507	0.84	0.85	0.85	0.86	0.85	0.87	0.86
EUR / JPY	136.83	131.25	139.10	138.24	137.50	133.20	133.34	133.38
EUR / CHF	1.0293	1.03	1.07	1.08	1.08	1.09	1.10	1.09

Source: Bloomberg, Emirates NBD Research.

FX EM	30-May-22	Jun-22	Sep-22	Dec-22	Mar-23	Jun-23	Sep-23	Dec-22
USD / SAR	3.7509	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	0.3057	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	3.6414	3.64	3.64	3.64	3.64	3.64	3.64	3.64
USD / EGP	18.5858	18.50	18.60	18.75	18.75	18.75	19.00	19.00
USD / MAD	9.8807	10.00	10.00	10.25	10.50	10.25	10.00	10.00
USD / TND	3.0699	3.80	3.90	4.00	4.00	4.10	4.10	4.00
USD / INR	77.5125	77.50	77.75	78.00	78.00	78.50	78.75	79.00
USD / CNY	6.6497	6.65	6.65	6.60	6.60	6.58	6.57	6.55
USD / SGD	1.3664	1.35	1.34	1.33	1.33	1.32	1.30	1.30

Source: Bloomberg, Emirates NBD Research.