Report published June 25, 2026
FX Daily: Looking for Stabilisation - ING Financial Research
ING · June 25, 2026
Calmer markets have provided a brief respite for non-USD currencies, though the US dollar's dominance persists amid expectations of moderating inflation. The Polish Zloty and broader CEE currencies remain under pressure due to dovish local central bank stances and global risk-off sentiment.
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Key Takeaways
- 1.Calmer global markets are providing a breather for some currencies against the US dollar.
- 2.The Polish Zloty (PLN) remains under pressure due to the dovish stance of the National Bank of Poland (NBP).
- 3.The US Dollar faces a potential, though not certain, cooling in core PCE inflation data.
Table of Contents
- USD: Core PCE may come in cooler than expected
- EUR: Looking for firmer ground
- PLN: Zloty weakness to persist as NBP stays dovish and global turns risk-off
- CEE: Stronger dollar puts FX under pressure
Report data
Calmer markets are allowing several currencies to take a breather against the strong dollar
| Metric | Estimate | Context |
|---|---|---|
| Personal income growth | 0.6% | US economic data expectations. |
| Fed rate cut pricing | 35 bp | Shift in Fed policy expectations. |
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