FX Daily: Fading Geopolitical Risk, Focus on Rate Differentials (ING Bank, 10 July 2026)

Key Takeaways

• 1.Markets are choosing to ignore geopolitical risks from US-Iran tensions, focusing instead on rate differentials.
• 2.The US dollar is showing no benefit from the geopolitical re-escalation, as markets fade these concerns.
• 3.The Polish zloty remains bearish following a dovish impulse from the National Bank of Poland.

Table of Contents

• USD: Stuck as markets fade geopolitical risk
• EUR: Don't downplay downside risks
• CAD: Jobs data in focus, BoC to stay cautious
• CEE: Rates repricing points to more zloty weakness

Report data

The dollar is finding no support from a re-escalation in the Middle East

Reports in this series

FX Daily is shown in chronological order through this edition, published on July 10, 2026.

Part of the FX Daily series — view all 70 editions

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