FX Forecasts

FX Majors	26-Sep-22	Sep-22	Dec-22	Mar-23	Jun-23	Sep-23	Dec-23	Mar-24
EUR / USD	0.9637	0.96	0.95	0.98	1.00	1.02	1.05	1.08
USD / JPY	144.30	145.00	147.00	144.00	140.00	135.00	130.00	127.50
USD / CHF	0.9910	1.00	1.00	0.98	0.98	0.97	0.96	0.96
GBP / USD	1.0722	1.05	1.00	1.03	1.05	1.08	1.10	1.14
AUD / USD	0.6489	0.65	0.68	0.70	0.71	0.72	0.74	0.75
NZD / USD	0.5713	0.58	0.60	0.62	0.65	0.68	0.70	0.72
USD / CAD	1.3653	1.36	1.34	1.32	1.30	1.27	1.25	1.22
EUR / GBP	0.8988	0.91	0.95	0.95	0.95	0.94	0.95	0.94
EUR / JPY	139.06	139.20	139.65	140.40	140.00	137.70	136.50	137.06
EUR / CHF	0.9550	0.96	0.95	0.96	0.98	0.99	1.01	1.03

Source: Bloomberg, Emirates NBD Research.

FX EM	26-Sep-22	Sep-22	Dec-22	Mar-23	Jun-23	Sep-23	Dec-23	Mar-24
USD / SAR	3.7601	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	0.3107	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	3.6780	3.64	3.64	3.64	3.64	3.64	3.64	3.64
USD / MAD	10.9481	10.00	10.00	10.25	10.50	10.25	10.00	10.00
USD / TND	3.2977	3.80	3.90	4.00	4.00	4.10	4.10	4.00
USD / INR	81.6237	81.50	81.50	80.00	80.00	80.50	80.75	80.90
USD / CNY	7.1637	7.17	7.18	7.15	7.15	7.10	7.00	6.50
USD / SGD	1.4358	1.44	1.45	1.45	1.43	1.40	1.38	1.37

Source: Bloomberg, Emirates NBD Research.