Wells Fargo: Currency and Interest Rate Forecasts

Currency Forecasts
Current rate Q4-2021 Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023
EUR/USD 1.1291 1.1300 1.1100 1.0900 1.0700 1.0600 1.0500
USD/JPY 113.39 114.00 115.00 117.00 119.00 121.00 123.00
GBP/USD 1.3268 1.3300 1.3100 1.2900 1.2700 1.2600 1.2500
USD/CHF 0.9216 0.9200 0.9375 0.9575 0.9775 0.9900 1.0000
USD/CAD 1.2844 1.2800 1.2900 1.3000 1.3100 1.3200 1.3200
AUD/USD 0.7139 0.7100 0.7000 0.6800 0.6700 0.6600 0.6500
NZD/USD 0.6745 0.6700 0.6600 0.6500 0.6400 0.6300 0.6300
USD/NOK 9.0239 9.0275 9.1000 9.1750 9.2525 9.2450 9.2375
USD/SEK 9.1090 9.1150 9.2350 9.3575 9.4850 9.5275 9.5725
USD/CNY 6.3743 6.3800 6.4000 6.4200 6.4400 6.4500 6.4600
USD/CNH 6.3870 6.3800 6.4000 6.4200 6.4400 6.4500 6.4600
USD/IDR 14368 14400 14600 14800 15000 15200 15400
USD/INR 76.09 76.25 76.50 76.75 77.00 77.25 77.50
USD/KRW 1181.00 1190.00 1200.00 1210.00 1220.00 1230.00 1240.00
USD/PHP 50.03 50.25 50.50 50.75 51.00 51.25 51.50
USD/SGD 1.3659 1.3700 1.3800 1.3900 1.4000 1.4100 1.4200
USD/TWD 27.77 28.00 28.25 28.25 28.50 28.50 28.75
USD/THB 33.35 33.50 33.75 34.00 34.25 34.50 34.75
USD/BRL 5.6827 5.7000 5.8000 5.9000 6.0000 6.1000 6.2000
USD/CLP 846.11 870.00 890.00 900.00 910.00 920.00 930.00
USD/MXN 20.7282 21.0000 21.5000 21.7500 22.0000 22.2500 22.5000
USD/COP 4010 4050 4100 4200 4300 4400 4500
USD/ARS 101.9462 102.0000 105.0000 108.0000 111.0000 114.0000 117.0000
USD/PEN 4.0374 4.0500 4.0800 4.1100 4.1300 4.1500 4.1700
USD/CZK 22.32 22.50 23.25 23.50 24.25 24.50 25.00
USD/HUF 325.12 327.50 337.75 348.50 359.75 368.00 376.25
USD/PLN 4.1065 4.1150 4.2350 4.3575 4.4850 4.5750 4.6675
USD/RUB 74.16 75.00 76.00 77.00 78.00 79.00 80.00
USD/ILS 3.1322 3.1500 3.2000 3.2200 3.2400 3.2500 3.2500
USD/ZAR 15.8437 16.0000 16.5000 16.7500 17.0000 17.2500 17.5000
USD/TRY 16.4861 17.0000 18.0000 19.0000 20.0000 21.0000 22.0000
EUR/JPY 128.03 128.75 127.75 127.50 127.25 128.25 129.25
EUR/GBP 0.8510 0.8500 0.8475 0.8450 0.8425 0.8425 0.8400
EUR/CHF 1.0406 1.0400 1.0400 1.0450 1.0450 1.0500 1.0500
EUR/NOK 10.1893 10.2000 10.1000 10.0000 9.9000 9.8000 9.7000
EUR/SEK 10.2855 10.3000 10.2500 10.2000 10.1500 10.1000 10.0500
EUR/CZK 25.20 25.50 25.75 25.75 26.00 26.00 26.25
EUR/HUF 367.11 370.00 375.00 380.00 385.00 390.00 395.00
EUR/PLN 4.6369 4.6500 4.7000 4.7500 4.8000 4.8500 4.9000

Central Bank Outlook Interest Rates

Fed
Current: 0.125% 3M 6M 12M
Wells Fargo 0-0.25% 0-0.25% 0.50%-0.75%
Market Implied 0.19% 0.39% 0.75%

ECB
Current: -0.50% 3M 6M 12M
Wells Fargo -0.50% -0.50% -0.50%
Market Implied -0.49% -0.49% -0.43%

BOJ
Current: -0.10% 3M 6M 12M
Wells Fargo -0.10% -0.10% -0.10%
Market Implied -0.05% -0.05% -0.05%

BOE
Current: 0.25% 3M 6M 12M
Wells Fargo 0.25% 0.50% 0.75%
Market Implied 0.52% 0.82% 1.13%

SNB
Current: -0.75% 3M 6M 12M
Wells Fargo -0.75% -0.75% -0.75%
Market Implied -0.70% -0.67% -0.56%

Canada
Current: 0.25% 3M 6M 12M
Wells Fargo 0.25% 0.50% 1.00%
Market Implied 0.58% 0.97% 1.49%

RBA
Current: 0.10% 3M 6M 12M
Wells Fargo 0.10% 0.10% 0.10%
Market Implied 0.41% 0.42% 0.99%

RBNZ
Current: 0.75% 3M 6M 12M
Wells Fargo 1.00% 1.50% 2.00%
Market Implied 1.10% 1.69% 2.27%

SEK
Current: 0.00% 3M 6M 12M
Wells Fargo 0.00% 0.00% 0.00%
Market Implied 0.13% 0.18% 0.30%

NOK
Current: 0.50% 3M 6M 12M
Wells Fargo 0.75% 1.00% 1.25%
Market Implied 0.70% 0.87% 1.25%

MXN
Current: 5.50% 3M 6M 12M
Wells Fargo 5.75% 6.25% 7.00%
Market Implied 5.97% 6.78% 7.38%

BRL
Current: 9.25% 3M 6M 12M
Wells Fargo 10.75% 11.75% 11.25%
Market Implied 11.64% 12.44% 13.57%

Brian Twomey

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