Foreign Exchange Outlook
Currency	Exchange rate	2021				2022				2023
		Q1	Q2	Q3	Q4	Q1F	Q2F	Q3F	Q4F	Q1F	Q2F	Q3F	Q4F
Euro	USD per EUR	1.17	1.19	1.16	1.13	1.10	1.09	1.10	1.11	1.13	1.15	1.16	1.18
UK pound	USD per GBP	1.38	1.38	1.35	1.35	1.31	1.32	1.34	1.36	1.38	1.38	1.39	1.39
Australian dollar	USD per AUD	0.76	0.75	0.72	0.72	0.73	0.72	0.72	0.72	0.73	0.73	0.74	0.74
NZ dollar	USD per NZD	0.70	0.70	0.69	0.68	0.69	0.68	0.68	0.68	0.69	0.69	0.69	0.70
Canadian dollar	CAD per USD	1.26	1.24	1.27	1.28	1.27	1.26	1.25	1.25	1.25	1.25	1.25	1.25
Swiss franc	CHF per USD	0.94	0.93	0.93	0.92	0.94	0.95	0.96	0.97	0.98	0.99	1.00	1.01
Japanese yen	JPY per USD	111	111	112	115	118	112	108	107	106	105	104	103
Chinese renminbi	CNY per USD	6.55	6.46	6.44	6.36	6.35	6.40	6.45	6.50	6.55	6.60	6.65	6.70
F: Forecast by TD Economics as at March 2022. All forecasts are end-of-period.
Source: Bloomberg, Federal Reserve, TD Economics.