Report published June 23, 2026

FX Daily: Market Focus Remains on Yen and Sterling – ING Bank Analysis (June 2026)

ING · June 23, 2026

This report examines currency market movements driven by US dollar strength, potential Japanese Yen intervention, and political leadership changes in the UK. Analysts also highlight a dovish turn from the ECB and rate-cutting expectations in Hungary.

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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 options market is pricing in a higher probability of Japanese Yen (JPY) intervention following signals from the US-Japan finance ministers meeting.
2.Sterling rallied on political optimism regarding the potential appointment of Wes Streeting as the UK's next Chancellor.
3.The US Dollar remains supported by a divergence in growth, inflation, and monetary policy compared to the Eurozone.

USD: Some upside risks persist
EUR: Lagarde’s dovish tilt softens euro
GBP: Growing bets Streeting will be next chancellor
HUF: NBH easing restart unlikely to derail forint resilience

Report data

Wes Streeting, a frontrunner to become the UK's next chancellor, is considered a market-friendly choice

Metric	Estimate	Context
Japanese holdings of US Treasuries	75 billion USD	Reduction in holdings reported by Finance Minister data
National Bank of Hungary Rate	6.00%	Expected 25bp cut

Source: Japanese Finance Minister reserve data; Market expectation. This is a dated model snapshot, not a live forecast.

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FX Daily is shown in chronological order through this edition, published on June 23, 2026.

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Authors / Editors

Francesco Pesole · FX StrategistFrantisek Taborsky · EMEA FX & FI StrategistChris Turner · Global Head of Markets and Regional Head of Research for UK & CEE