Foreign Exchange Outlook | |||||||||||||
Currency | Exchange rate | 2019 | 2020 | 2021 | |||||||||
Q1 | Q2 | Q3 | Q4 | Q1F | Q2F | Q3F | Q4F | Q1F | Q2F | Q3F | Q4F | ||
Exchange rate to U.S. dollar | |||||||||||||
Euro | USD per EUR | 1.12 | 1.14 | 1.09 | 1.12 | 1.09 | 1.08 | 1.09 | 1.10 | 1.11 | 1.12 | 1.13 | 1.14 |
UK pound | USD per GBP | 1.30 | 1.27 | 1.23 | 1.23 | 1.21 | 1.20 | 1.22 | 1.24 | 1.26 | 1.28 | 1.30 | 1.32 |
Japanese yen | JPY per USD | 111 | 108 | 108 | 106 | 105 | 102 | 103 | 104 | 104 | 103 | 103 | 102 |
Chinese renminbi | CNY per USD | 6.71 | 6.87 | 7.15 | 6.99 | 7.00 | 6.95 | 6.90 | 6.85 | 6.80 | 6.80 | 6.80 | 6.80 |
Exchange rate to Canadian dollar | |||||||||||||
U.S. dollar | USD per CAD | 0.75 | 0.76 | 0.76 | 0.71 | 0.71 | 0.71 | 0.73 | 0.74 | 0.75 | 0.76 | 0.77 | 0.77 |
Euro | CAD per EUR | 1.50 | 1.49 | 1.44 | 1.57 | 1.53 | 1.51 | 1.50 | 1.50 | 1.49 | 1.48 | 1.47 | 1.48 |
UK pound | CAD per GBP | 1.74 | 1.66 | 1.63 | 1.72 | 1.69 | 1.68 | 1.68 | 1.69 | 1.69 | 1.69 | 1.69 | 1.72 |
Japanese yen | JPY per CAD | 82.8 | 82.4 | 81.6 | 75.5 | 75.0 | 72.9 | 74.6 | 76.5 | 77.2 | 78.0 | 78.8 | 78.7 |
Chinese renminbi | CNY per CAD | 5.03 | 5.25 | 5.40 | 4.99 | 5.00 | 4.96 | 5.00 | 5.03 | 5.07 | 5.15 | 5.23 | 5.23 |
F: Forecast by TD Economics as at
March 2020. All forecasts are end-of-period. Source: Bloomberg, Bank of Canada, Federal Reserve, TD Economics. * Spot rates as at March 16, 2020. |