Foreign Exchange Outlook
Currency	Exchange rate	2018				2019				2020
		Q1	Q2	Q3	Q4*	Q1F	Q2F	Q3F	Q4F	Q1F	Q2F	Q3F	Q4F
Exchange rate to U.S. dollar
Japanese yen	JPY per USD	106	111	113	113	110	107	106	105	104	103	103	102
Euro	USD per EUR	1.23	1.17	1.16	1.14	1.16	1.18	1.20	1.21	1.22	1.23	1.24	1.25
U.K. pound	USD per GBP	1.40	1.32	1.31	1.26	1.30	1.31	1.32	1.33	1.34	1.35	1.36	1.37
Exchange rate to Canadian dollar
U.S. dollar	USD per CAD	0.78	0.76	0.77	0.75	0.76	0.77	0.78	0.78	0.79	0.79	0.79	0.79
Japanese yen	JPY per CAD	82.4	84.3	87.8	84.7	84.0	82.3	82.2	82.0	81.9	81.3	81.1	80.8
Euro	CAD per EUR	1.59	1.53	1.50	1.52	1.52	1.53	1.55	1.55	1.55	1.56	1.57	1.58
U.K. pound	CAD per GBP	1.81	1.73	1.69	1.69	1.70	1.70	1.70	1.70	1.70	1.71	1.72	1.73
F: Forecast by TD Bank Group as at December 2018. All forecasts are end-of-period. Source: Bloomberg, Bank of Canada, Federal Reserve, TD Economics. * Spot rate as at December 12, 2018.