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Report published August 28, 2026

ING FX Daily: Keeping an Eye on the Long End (August 28, 2026)

Source and citation context

Issuer
ING
Report date
August 28, 2026
Analysis as of
Not stated in source

Authors / editors: Chris Turner (Lead Author), Francesco Pesole (Contributor), Frantisek Taborsky (Contributor)

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.

Daily UpdateCommoditiesFXMacro Economic IndicatorsEnergyInformation Technology

FX markets are keeping a close watch on the long end of the US Treasury curve as Fed Chair Kevin Warsh speaks at Jackson Hole, with DXY expected to hold a 99.00-99.30 range. Meanwhile, EUR/USD faces headwinds from energy prices and French bond spreads, KRW benefits from BOK tightening and chip exports, and BRL gains from favorable polling and high carry yields.

Key Takeaways

  • 1.Fed Chair Kevin Warsh speaks at Jackson Hole today, where FX markets will take cues from long-dated Treasuries; DXY is expected to trade in a 99.00-99.30 range.
  • 2.EUR/USD is rangebound around 1.1620-1.1665, dampened by elevated natural gas prices near EUR70/MWh and French-German bond spread widening during French presidential campaigning.
  • 3.The Korean won is advancing following back-to-back rate hikes by the Bank of Korea to 3.00%, supported by upgraded GDP forecasts driven by the chip export boom.

Table of Contents

  • USD: Will Warsh go near monetary policy today?
  • EUR: Gas and French bonds may be weighing
  • KRW: Onwards and upwards
  • BRL: Presidential polling in play
  • Author
  • Disclaimer

Report data

Fed Chair Kevin Warsh takes the stage today at the Jackson Hole Symposium

MetricEstimateContext
Market-implied Fed September hike pricing8/9 bpMarket pricing of a Fed rate hike in September slipping back.
Bank of Korea Policy Rate3.00%Policy rate reached following back-to-back rate hikes.
European Natural Gas Price70 EUR/MWhNatural gas prices pushing close to EUR70/MWh holding back the euro.
Brazil Implied Forward Yield12%Implied yields available through forwards supporting BRL carry.
Source: Bank of Korea. This is a dated model snapshot, not a live forecast.

Reports in this series

FX Daily is shown in chronological order through this edition, published on August 28, 2026.

Part of the FX Daily series — view all 51 editions

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Authors / Editors

Chris Turner · Lead AuthorFrancesco Pesole · ContributorFrantisek Taborsky · Contributor

Reported Data Context

  • Market-implied Fed September hike pricing: 8/9 bp (2026-08-28)
  • Bank of Korea Policy Rate: 3.00 % (2026-08-28) · Source: Bank of Korea
  • European Natural Gas Price: 70 EUR/MWh (2026-08-28)
  • Brazil Implied Forward Yield: 12 % (2026-08-28)

Securities

DXYUSDJPYEURUSDUSDKRWUSDBRL

Themes

Central Bank Policy and Long-End Yield SensitivityEuropean Political and Energy RiskCarry Trade Dynamics and EM Policy Divergence

Regions

North AmericaEuropeAsia PacificUnited StatesFranceSouth Korea

Browse More

INGDaily UpdateDXYUSDJPYEURUSDFXRates Govt Bonds

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