Report published June 18, 2026

FX Daily: Dollar Enjoys Fed's Hawkish Adjustment (ING Bank)

ING · June 18, 2026

The US dollar sustains gains following a hawkish FOMC pivot, while the market focuses on upcoming central bank meetings in the Czech Republic, Norway, and the UK.

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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 retains gains following the Fed's hawkish pivot, though further upside is expected to be limited.
2.The Czech National Bank is expected to hike rates by 25bp to 3.75% today.
3.The BoE is anticipated to maintain current policy despite facing pressure from wage growth and inflation.

USD: Fed story can underpin dollar this summer
EUR: Steady amid rate meetings in Europe
GBP: BoE will try to ride out the inflation spike
CZK: Insurance rate hike supports further koruna gains

Report data

Dollar holds gains after Fed's hawkish turn, but upside should be modest

Metric	Estimate	Context
Fed tightening priced in	44 bp	Market expectations for Fed moves
Core Inflation (Czech)	2.9%	Czech economic data

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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