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    Currency Forecasts – Latest Updates

    Overview of forecasts for popular currencies together with rate trends updated hourly.

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    Age of cheap money coming to an end.

    Away from the frontlines, as people start to realise the world can largely live with Omicron, the age of cheap money seems to be at an end with central banks raising interest rates.

    Besides the impact on currency rates of the Russian invasion of Ukraine, the next most discussed issue of the moment is definitely inflation, thanks to the added costs from higher energy and commodity prices.

    EURUSD – In early December the dollar dropped to 94 against the euro after rising to a 20-year high of 1.04 in late September, as markets predict that the aggressive interest rates hikes by the Fed to reign in inflation may be over. However, due to the Eurozone’s reliance on gas from Russia, the euro will remain vulnerable while Putin’s so called Russian ‘special military operation’ in Ukraine continues.

    CADUSD – In December the loonie has steadied near its 90-day average around 0.74 relative to the greenback (1 USD = 1.34 CAD), this is down from the 0.77-0.79 range it had traded within all year until late August on inflation concerns.

    AUDUSD – From December and into early 2023 the AUD/USD has surged back towards 0.68. This is well up from recent lows below 0.62 in October, when the Reserve Bank of Australia surprised markets raising interest rates by a quarter of a percent (less than expected), a sign that inflation down-under may be under control. However, the rise of AUD/USD has been more about USD weakness than any AUD strength as the greenback drops back from multi-year highs.

    USDJPY – The Japanese yen has bounced back from record lows as we approach the end of the year. USD/JPY hit 150 in mid October — a more than 32-year low for the yen — prompting the Bank of Japan to intervene to support the struggling yen. The yen has jumped more than 13 per cent since late October, when expectations that the US central bank will continue to aggressively raise borrowing costs sent the yen sinking to its lowest level since 1990.

     

    US Dollar Forecasts

    Economists expect the US dollar’s strength over the past year to reverse in 2023 as the Fed’s interest rate hikes cycle to an end.

    A clear reflection of this is that the US Dollar index (measure of the USD strength against basket of currencies) which has pulled back from 20 year highs.

    USD Forecasts

    USD to EUR

    USD to EUR 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsUSD to EUR at 0.9186 is 3.1% below its 90-day average 0.9483 with range 0.9161-1.0257.

    In early December the dollar dropped to 94 against the euro after rising to a 20-year high of 1.04 in late September, as markets predict that the aggressive interest rates hikes by the Fed to reign in inflation may be over.

    However, due to the Eurozone’s reliance on gas from Russia, the euro will remain vulnerable while Putin’s so called Russian ‘special military operation’ in Ukraine continues.

    USD-EUR Forecasts


    USD to MXN

    USD to MXN 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsUSD to MXN at 18.79 is 2.7% below its 90-day average 19.31 with range 18.65-19.86.

    Into the final quarter of 2022 the peso is fluctuating around the key 20 level versus the US dollar.

    When uncertainty increases, traders tend to move quickly out of emerging market FX such as the peso first before looking for safe havens.

    USD-MXN Forecasts

     

    Canadian dollar Forecasts

    Since the start of the Russia/Ukrainian war the risk on-off markets had been pushing the Canadian dollar rate up and down in a range around 0.7850 to the US dollar.

    However from mid-September the loonie has weakened down from this range to around 0.73 relative to the greenback.

    CAD Forecasts

    CAD to USD

    CAD to USD 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsCAD to USD at 0.7523 is 1.4% above its 90-day average 0.7421 with range 0.7275-0.7556.

    In December the loonie has steadied near its 90-day average around 0.74 relative to the greenback (1 USD = 1.34 CAD), this is down from the 0.77-0.79 range it had traded within all year until late August on inflation concerns.

    USD-CAD Forecasts


    CAD to EUR

    CAD to EUR 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsCAD to EUR at 0.6910 is 1.8% below its 90-day average 0.7037 with range 0.6841-0.7462.

    In the final quarter of the year CAD/EUR is trading around the 0.74-0.76 level, this a few percent down from the start of the year.

    The effect of Ukraine crisis on energy prices hurts the euro and helps the gas and oil exporting Canadian dollar.

    CAD-EUR Forecasts


    CAD to INR

    CAD to INR 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsCAD to INR at 61.53 is 1.2% above its 90-day average 60.78 with range 60.06-61.53.

    The Ukrainian crisis and the impact on energy prices have pushed the Canadian dollar up & down this year against the Rupee.

    CAD-INR Forecasts

     

    Australian Dollar Forecasts

    The Aussie dollar rebounded from around US62¢ in October and November on the suggestion that the RBA would slow the pace of interest rate hikes.

    Early in 2023 the Aussie is trading near US70¢, however economists are divided as to whether this change in fortunes for the Australian dollar will continue throughout the year.

    AUD Forecasts

    AUD to USD

    AUD to USD 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsAUD to USD at 0.7078 is 4.3% above its 90-day average 0.6786 with range 0.6285-0.7151.

    From December and into early 2023 the AUD/USD has surged back towards 0.68. This is well up from recent lows below 0.62 in October, when the Reserve Bank of Australia surprised markets raising interest rates by a quarter of a percent (less than expected), a sign that inflation down-under may be under control.

    However, the rise of AUD/USD has been more about USD weakness than any AUD strength as the greenback drops back from multi-year highs.

    AUD-USD Forecasts


    AUD to SGD

    AUD to SGD 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsAUD to SGD at 0.9288 is 1.3% above its 90-day average 0.9171 with range 0.8934-0.9389.

    Last year AUD/SGD hit a recent peak of 1.03 in April but then dropped to below 0.88 in October as market optimism for AUD reduced drastically on inflation fears.

    Into 2023 the Aussie/Sing dollar rate has recovered to around the 0.92 level as the Aussie dollar regained ground on successive interest rate hikes from the RBA.

    AUD-SGD Forecasts


    AUD to EUR

    AUD to EUR 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsAUD to EUR at 0.6500 is 1.1% above its 90-day average 0.6432 with range 0.6287-0.6577.

    AUD/EUR reached a 5-year high in late August near 0.70, but has fallen back below 0.64/0.65 into 2023 – more due to AUD weakness than euro strength.

    With the Eurozone’s reliance on gas from Russia, the euro remains vulnerable with Putin’s so called Russian ‘special military operation’ in Ukraine.

    AUD-EUR Forecasts

     

    British pound Forecasts

    The pound hit an all-time low (since decimalization in 1971) in late September of 1.03 against the greenback (1 USD = 0.97 GBP) — reacting to the controversial tax-cutting policies from the new chancellor.

    The outlook for sterling against most currencies over the winter remains extremely challenging in its precarious post-Brexit/Ukraine war economic environment.

    GBP Forecasts

    GBP to USD

    GBP to USD 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsGBP to USD at 1.2318 is 2.0% above its 90-day average 1.2074 with range 1.1162-1.2427.

    GBPUSD is down around 15 percent this year and hit an all-time low (since decimalisation in 1971) in late September of 1.03 (1 USD = 0.97 GBP) — reacting to the controversial tax-cutting policies from the previous (new) chancellor.

    The Bank of England has joined the global fight against inflation, but has raised rates by less than the US Federal Reserve.

    So it seems the BoE’s gloomy economic forecasts has increased pressure on Sterling.

    GBP-USD Forecasts


    GBP to AUD

    GBP to AUD 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsGBP to AUD at 1.7407 is 2.2% below its 90-day average 1.7794 with range 1.7314-1.8245.

    In the first quarter the GBP/AUD exchange rate dropped on the impact of the Ukraine situation on commodity prices — this was good for AUD and bad for GBP.

    Since then the pound to Aussie rate has fluctuated around the 1.76 level (1 AUD = 0.56 GBP), except for a drop to 1.60 when the market rejected the new UK chancellors controversial tax policies.

    GBP-AUD Forecasts

     

    Euro Forecasts

    The euro has recovered since falling below the US dollar exchange rate in September, aided by lower energy prices, reduced recession fears, and a more aggressive European Central Bank. The euro has risen 13% over the past 3.5 months, aided by a weaker US dollar.

    EUR Forecasts

    EUR to USD

    EUR to USD 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsEUR to USD at 1.0885 is 3.2% above its 90-day average 1.0552 with range 0.9749-1.0916.

    In early December the dollar dropped to 94 against the euro after rising to a 20-year high of 1.04 in late September, as markets predict that the aggressive interest rates hikes by the Fed to reign in inflation may be over.

    However, due to the Eurozone’s reliance on gas from Russia, the euro will remain vulnerable while Putin’s so called Russian ‘special military operation’ in Ukraine continues.

    USD-EUR Forecasts


    EUR to GBP

    EUR to GBP 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsEUR to GBP at 0.8836 is 1.1% above its 90-day average 0.874 with range 0.8567-0.8887.

    In October, the GBP/EUR rate is still well down from the 1.20 levels, seen at the start of the year, to the 1.13-15 levels (1 EUR = 0.88 GBP).

    This is some achievement given the Euro itself has been under heavy pressure itself from impact on gas prices by the war in Ukraine.

    The BoE’s (UK central bank) gloomy economic forecasts has also increased pressure on Sterling.

    GBP-EUR Forecasts

     

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