Forecasts
Our global economic and financial forecasts
Find out what our economists and strategists are expecting over coming quarters.
We finished second in the latest Bloomberg FX Forecast Accuracy Poll for G10 FX & 13 FX Majors in Q4 2025.
Latest FX forecast update: 01 April 2026
G10 GDP & CPI: Our central scenario as of 1 April 2026
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FX Rates
Q2 2026 Q3 2026 Q4 2026 Q1 2027 DXY 100.040 97.880 96.430 96.340 USD/JPY 158.00 156.00 154.00 152.00 EUR/USD 1.1500 1.1800 1.2000 1.2000 GBP/USD 1.3070 1.3330 1.3480 1.3330 USD/CNY 6.8500 6.8300 6.8000 6.7800 AUD/USD 0.7000 0.7100 0.7200 0.7200 NZD/USD 0.5800 0.5900 0.6000 0.6000 USD/CAD 1.3700 1.3600 1.3500 1.3400 USD/NOK 9.7390 9.5760 9.5000 9.5000 USD/SEK 9.4780 9.1530 8.9170 8.9170 USD/CHF 0.7870 0.7710 0.7630 0.7670 USD/CZK 21.390 20.760 20.330 20.250 USD/HUF 330.40 317.80 312.50 316.70 USD/PLN 3.7390 3.6270 3.5500 3.5330 USD/RON 4.4430 4.3390 4.2670 4.2920 USD/RUB 80.090 79.560 79.820 81.650 USD/ZAR 17.300 17.000 16.700 16.400 USD/TRY 46.500 48.500 50.500 52.000 USD/INR 94.500 94.000 94.500 95.000 USD/IDR 17000 16850 16700 16600 USD/MYR 4.0500 3.9500 3.8000 3.7500 USD/PHP 60.500 60.000 59.500 59.500 USD/SGD 1.3000 1.2900 1.2600 1.2500 USD/KRW 1510.0 1490.0 1470.0 1460.0 USD/TWD 31.800 31.500 31.300 31.100 USD/THB 33.900 33.600 32.300 32.100 USD/VND 26400 26500 26600 26700 USD/ARS 1450.0 1550.00 1650.0 1700.0 USD/BRL 5.3000 5.3500 5.2500 5.2000 USD/CLP 930.00 910.00 890.00 870.00 USD/MXN 18.000 17.750 17.500 17.500 USD/SAR 3.7500 3.7500 3.7500 3.7500 USD/EGP 48.500 50.000 51.500 53.000 -
Growth (GDP)
2025 2026 2027 US 2.1% 2.2% 2.1% Japan 0.8% 0.3% 0.9% Euro area 1.4% 0.7% 1.2% Germany 0.2% 0.5% 1.2% France 0.8% 0.6% 0.9% Italy 0.5% 0.4% 0.6% UK 1.4% 0.5% 1.2% Switzerland 1.3% 0.9% 1.3% Norway 1.8% 1.7% 1.7% Sweden 1.8% 1.5% 1.7% Canada 1.7% 1.0% 1.6% Australia 2.0% 1.9% 2.0% New Zealand 0.2% 1.8% 2.3% 2025 2026 2027 China 5.0% 4.9% 4.8% India 7.6% 7.0% 6.8% Indonesia 5.0% 5.0% 5.0% Malaysia 4.7% 4.5% 4.5% Philippines 4.7% 5.1% 5.4% Singapore 4.4% 3.2% 2.4% South Korea 1.0% 2.0% 2.2% Taiwan 8.6% 3.8% 2.7% Thailand 2.2% 1.8% 2.2% Vietnam 7.7% 8.2% 7.5% 2025 2026 2027 Bahrain 2.8% 3.2% 3.0% Czech Republic 2.4% 2.2% 2.3% Egypt 4.3% 4.6% 4.9% Hungary 0.5% 2.2% 2.4% Iraq 0.5% 3.6% 1.8% Israel 2.6% 4.1% 3.5% Jordan 2.7% 2.9% 2.9% Kenya 4.9% 5.0% 5.1% Kuwait 2.6% 3.6% 2.8% Morocco 4.6% 4.1% 4.0% Nigeria 3.9% 4.2% 3.9% Oman 2.7% 3.6% 3.3% Poland 3.3% 3.3% 2.9% Romania 1.0% 1.4% 2.8% Qatar 2.8% 5.6% 7.5% Russia 0.7% 1.0% 1.2% Saudi Arabia 4.3% 4.2% 3.4% South Africa 1.2% 1.4% 1.7% Turkey 3.6% 3.6% 3.9% Ukraine 1.9% 3.5% 4.1% UAE 4.7% 5.0% 4.4% -
Inflation (CPI)
2025 2026 2027 US 2.7% 3.1% 2.3% Japan 3.2% 2.6% 2.3% Euro area 2.1% 2.9% 2.2% Germany 2.3% 3.1% 2.4% France 0.9% 1.8% 1.9% Italy 1.6% 2.4% 2.0% UK 3.4% 3.5% 2.4% Switzerland 0.2% 0.9% 1.0% Norway 3.1% 3.0% 2.5% Sweden 0.7% 2.4% 2.3% Canada 2.1% 2.6% 2.2% Australia 2.8% 3.9% 2.9% New Zealand 2.8% 2.9% 2.3% 2025 2026 2027 China 0.1% 0.8% 1.0% India 1.6% 3.8% 4.3% Indonesia 1.9% 2.8% 2.8% Malaysia 1.6% 1.6% 1.8% Philippines 1.8% 2.4% 2.8% Singapore 0.9% 1.2% 1.5% South Korea 2.1% 2.0% 2.0% Taiwan 1.5% 1.6% 1.6% Thailand -0.1% 0.5% 1.2% Vietnam 3.3% 3.8% 4.3% 2025 2026 2027 Bahrain 0.2% 1.1% 1.5% Czech Republic 2.5% 2.2% 2.3% Egypt 17.4% 11.8% 9.4% Hungary 4.5% 3.5% 3.3% Iraq 1.5% 2.5% 1.7% Israel 3.1% 2.1% 2.1% Jordan 2.0% 2.3% 2.2% Kenya 4.0% 5.0% 5.1% Kuwait 2.3% 2.3% 2.2% Morocco 1.2% 1.8% 2.0% Nigeria 22.2% 19.0% 14.9% Oman 0.9% 1.5% 1.8% Poland 3.8% 2.7% 2.7% Romania 7.3% 6.6% 3.8% Qatar 0.3% 2.2% 2.3% Russia 8.9% 5.4% 4.3% Saudi Arabia 2.1% 2.0% 2.0% South Africa 3.3% 3.5% 3.3% Turkey 34.9% 24.9% 19.7% Ukraine 12.8% 7.4% 5.7% UAE 1.6% 2.0% 2.0% -
Policy Rates
Q2 2026 Q3 2026 Q4 2026 Q1 2027 Fed 3.64% 3.13% 2.88% 2.88% BoJ 1.00% 1.00% 1.25% 1.25% ECB 2.50% 2.50% 2.50% 2.50% BoE 4.00% 4.00% 4.00% 3.75% SNB 0.00% 0.00% 0.00% 0.00% Norges Bank 4.25% 4.50% 4.50% 4.50% Riksbank 1.75% 2.00% 2.00% 2.00% BoC 2.25% 2.25% 2.25% 2.25% RBA 4.35% 4.35% 4.35% 4.35% RBNZ 2.25% 2.50% 2.50% 2.50% Q1 2026 Q2 2026 Q3 2026 Q4 2026 China 7-day Reverse Repo 1.30% 1.10% 1.10% 1.10% China 1-year LPR 2.90% 2.70% 2.70% 2.70% India 5.25% 5.25% 5.25% 5.25% Indonesia 4.25% 4.00% 4.00% 4.00% Malaysia 2.75% 2.75% 2.75% 2.75% Philippines 4.25% 4.00% 4.00% 4.00% Singapore 1.14% 1.24% 1.38% 1.49% South Korea 2.50% 2.50% 2.50% 2.50% Taiwan 2.00% 2.00% 1.88% 1.88% Thailand 1.00% 1.00% 1.00% 1.00% Vietnam 4.50% 4.50% 4.75% 4.75% -
Govt. Bond Yields
Q2 2026 Q3 2026 Q4 2026 Q1 2027 US 2-Year Govt. Yield 3.50% 3.13% 3.00% 3.00% US 10-Year Govt. Yield 4.00% 3.75% 3.75% 3.75% Euro-zone 2-Year Govt. Yield 2.70% 2.60% 2.50% 2.30% Euro-zone 10-Year Govt. Yield 3.00% 2.90% 2.80% 2.70% Japan 2-Year Govt. Yield 1.50% 1.50% 1.60% 1.70% Japan 10-Year Govt. Yield 2.50% 2.50% 2.60% 2.60% UK 2-Year Govt. Yield 4.40% 4.30% 3.90% 3.60% UK 10-Year Govt. Yield 4.90% 4.70% 4.60% 4.40%