Report published July 13, 2026

FX Daily: ING Bank Market Analysis - July 13, 2026

ING · July 13, 2026

The US dollar remains supported by rising energy prices and persistent Fed tightening expectations. Meanwhile, European gas supply concerns and potential Japanese FX intervention dominate the G10 landscape.

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Finvaulta summarizes ING's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.Rising energy prices and ongoing geopolitical tensions are driving demand for the US dollar.
2.Japanese authorities may intervene in the FX market this week to combat yen weakness.
3.European energy concerns and low natural gas inventories are weighing on the euro.

FX Daily: Energy and carry dominate near term
USD: Higher energy keeps Fed tightening alive
EUR: Natural gas story is worrying
JPY: Intervention prospects this week
CEE: Dovish NBP to weigh on zloty as koruna and forint stay supported

Report data

Higher energy prices will keep Fed tightening fears alive and the dollar in demand

Metric	Estimate	Context
DXY Index	101.50 Index Level	Projected target

Source: Author(s). This is a dated model snapshot, not a live forecast.

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Authors / Editors

Chris Turner · Global Head of Markets and Regional Head of Research for UK & CEEFrantisek Taborsky · EMEA FX & FI StrategistFrancesco Pesole · FX Strategist