FX Daily: ING Bank Market Analysis – July 7, 2026

Key Takeaways

• 1.The French court ruling on Marine Le Pen is unlikely to cause significant volatility in the euro compared to political developments.
• 2.USD/JPY intervention risk remains elevated as the pair trades near 162.0.
• 3.Lower inflation data in Hungary is expected to support further rate cuts by the National Bank of Hungary.

Table of Contents

• USD: Quiet markets, carry favoured
• EUR: Court decision on Le Pen not that important
• CZK: Soft CPI may test CNB hawkish pricing
• HUF: Lower inflation opens path to more rate cuts

Report data

Le Pen eligibility ruling matters more for politics than markets

Reports in this series

FX Daily is shown in chronological order through this edition, published on July 7, 2026.

Part of the FX Daily series — view all 70 editions

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