Foreign Exchange Outlook
Currency	Exchange rate	2019				2020				2021
		Q1	Q2	Q3	Q4*	Q1F	Q2F	Q3F	Q4F	Q1F	Q2F	Q3F	Q4F
Euro	USD per EUR	1.12	1.14	1.09	1.11	1.09	1.09	1.10	1.11	1.12	1.13	1.14	1.15
UK pound	USD per GBP	1.30	1.27	1.23	1.33	1.31	1.30	1.30	1.31	1.32	1.33	1.34	1.35
Australian dollar	USD per AUD	0.71	0.70	0.68	0.69	0.69	0.70	0.70	0.70	0.70	0.70	0.70	0.70
NZ dollar	USD per NZD	0.68	0.67	0.63	0.66	0.65	0.67	0.68	0.69	0.69	0.69	0.69	0.69
Canadian dollar	CAD per USD	1.34	1.31	1.32	1.32	1.33	1.34	1.33	1.32	1.31	1.30	1.30	1.30
Swiss franc	CHF per USD	1.00	0.98	1.00	0.98	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Japanese yen	JPY per USD	111	108	108	110	108	107	107	106	106	105	105	104
Chinese renminbi	CNY per USD	6.71	6.87	7.15	6.99	6.95	6.90	6.85	6.80	6.80	6.80	6.80	6.80
F: Forecast by TD Economics as at December 2019. All forecasts are end-of-period. Source: Bloomberg, Federal Reserve, TD Economics. * Spot rates as at December 16, 2019.