Emirates NBD Research
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FX Forecasts
| FX Majors | 26-Jan-22 | Mar-23 | Jun-23 | Sep-23 | Dec-23 | Mar-24 | Jun-24 | Sep-24 |
|---|---|---|---|---|---|---|---|---|
| EUR / USD | 1.0918 | 1.10 | 1.12 | 1.13 | 1.14 | 1.18 | 1.20 | 1.20 |
| USD / JPY | 129.33 | 130.00 | 128.00 | 125.00 | 125.00 | 122.00 | 120.00 | 120.00 |
| USD / CHF | 0.9173 | 0.92 | 0.91 | 0.90 | 0.90 | 0.89 | 0.97 | 0.85 |
| GBP / USD | 1.2400 | 1.22 | 1.24 | 1.24 | 1.25 | 1.26 | 1.28 | 1.28 |
| AUD / USD | 0.7124 | 0.70 | 0.71 | 0.72 | 0.74 | 0.75 | 0.77 | 0.80 |
| NZD / USD | 0.6492 | 0.65 | 0.66 | 0.68 | 0.70 | 0.72 | 0.72 | 0.74 |
| USD / CAD | 1.3394 | 1.32 | 1.30 | 1.27 | 1.25 | 1.22 | 1.22 | 1.20 |
| EUR / GBP | 0.8805 | 0.90 | 0.90 | 0.91 | 0.91 | 0.94 | 0.94 | 0.94 |
| EUR / JPY | 141.20 | 143.00 | 143.36 | 141.25 | 142.50 | 143.96 | 144.00 | 144.00 |
| EUR / CHF | 1.0015 | 1.01 | 1.02 | 1.02 | 1.03 | 1.05 | 1.16 | 1.02 |
Source: Bloomberg, Emirates NBD Research.
| FX EM | 26-Jan-22 | Mar-23 | Jun-23 | Sep-23 | Dec-23 | Mar-24 | Jun-24 | Sep-24 |
|---|---|---|---|---|---|---|---|---|
| USD / SAR | 3.7541 | 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 | 0.3051 | 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 | 3.6525 | 3.64 | 3.64 | 3.64 | 3.64 | 3.64 | 3.64 | 3.64 |
| USD / INR | 81.5900 | 81.85 | 81.00 | 80.75 | 80.75 | 80.50 | 80.50 | 80.00 |
| USD / MAD | 10.1108 | 10.10 | 10.20 | 10.20 | 10.10 | 10.00 | 10.00 | - |
| USD / TND | 3.07 | 3.15 | 3.20 | 3.25 | 3.30 | 3.30 | 3.10 | 3.00 |
| USD / CNY | 6.7927 | 6.80 | 6.80 | 7.00 | 7.00 | 7.00 | 6.90 | 6.80 |
| USD / SGD | 1.3115 | 1.32 | 1.30 | 1.30 | 1.29 | 1.28 | 1.28 | 1.27 |
Source: Bloomberg, Emirates NBD Research.