Report published June 9, 2026

FX Daily: Dollar Consolidates Recent Gains - ING Bank Research

ING · June 9, 2026

The US dollar is consolidating recent gains as the market prepares for key US inflation data and central bank meetings. Meanwhile, Hungary's soft inflation print confirms impending NBH rate cuts.

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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.The US dollar is expected to consolidate recent gains, finding support on dips.
2.Hungarian May inflation data (1.8% YoY) significantly undershot expectations, signaling NBH rate cuts are imminent.

FX Daily: Dollar consolidates recent gains
USD: More consolidation
EUR: Holding pattern ahead of US CPI and ECB
CHF: Higher rate environment is CHF bearish
HUF: Inflation confirms that NBH rate cuts are a done deal

Report data

The dollar should remain supported on dips

Metric	Estimate	Context
Fed custody holdings of Treasuries	71 billion USD	Decline in foreign official holdings of Treasuries.
Hungary Inflation	1.8 percent YoY	Below market expectations and NBH forecast.

Source: Fed custody holdings; National Bank of Hungary. 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