Foreign Exchange Outlook | |||||||||||||
Currency | Exchange rate | 2020 | 2021 | 2022 | |||||||||
Q1 | Q2 | Q3 | Q4 | Q1F | Q2F | Q3F | Q4F | Q1F | Q2F | Q3F | Q4F | ||
Euro | USD per EUR | 1.10 | 1.12 | 1.17 | 1.22 | 1.20 | 1.21 | 1.22 | 1.24 | 1.25 | 1.26 | 1.26 | 1.26 |
UK pound | USD per GBP | 1.25 | 1.24 | 1.29 | 1.37 | 1.39 | 1.40 | 1.40 | 1.40 | 1.40 | 1.40 | 1.40 | 1.40 |
Australian dollar | USD per AUD | 0.61 | 0.69 | 0.72 | 0.77 | 0.77 | 0.77 | 0.76 | 0.75 | 0.74 | 0.73 | 0.73 | 0.73 |
NZ dollar | USD per NZD | 0.60 | 0.65 | 0.66 | 0.72 | 0.72 | 0.72 | 0.71 | 0.69 | 0.68 | 0.67 | 0.67 | 0.67 |
Canadian dollar | CAD per USD | 1.41 | 1.36 | 1.33 | 1.28 | 1.26 | 1.25 | 1.24 | 1.23 | 1.24 | 1.25 | 1.25 | 1.26 |
Swiss franc | CHF per USD | 0.96 | 0.95 | 0.92 | 0.88 | 0.91 | 0.92 | 0.93 | 0.94 | 0.95 | 0.96 | 0.97 | 0.98 |
Japanese yen | JPY per USD | 108 | 108 | 106 | 103 | 106 | 105 | 104 | 103 | 102 | 102 | 101 | 101 |
Chinese renminbi | CNY per USD | 7.08 | 7.07 | 6.79 | 6.53 | 6.50 | 6.55 | 6.60 | 6.65 | 6.70 | 6.75 | 6.80 | 6.80 |
F: Forecast by TD Economics as at March 2021. All
forecasts are end-of-period. Source: Bloomberg, Federal Reserve, TD Economics. |