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Report published July 6, 2026

FX Daily: More Insights Into The Fed This Week - ING Bank Analysis

ING · July 6, 2026

The dollar remains supported by expectations of hawkish FOMC minutes, while USD/JPY continues to hover near intervention-sensitive levels. Meanwhile, CEE currencies face volatility amid local inflation releases.

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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 remains supported as markets anticipate hawkish FOMC minutes under new leadership.
  • 2.The Bank of Japan's intervention risk remains elevated as USD/JPY recovers to 162.
  • 3.CEE currencies are facing short-term pressure due to expected dovish local inflation signals in Hungary and the Czech Republic.

Table of Contents

  • FX Daily: More insights into the Fed this week
  • USD: Upside risks remain
  • EUR: Plenty of ECB speakers this week
  • GBP: Focus on the next chancellor
  • CEE: Dovish local signals to test FX gains

Report data

A hawkish set of FOMC minutes

MetricEstimateContext
Fed tightening31 bpMarket pricing for Fed tightening this year
Hungary Headline Inflation1.9%Forecasted headline inflation
Source: Money markets; ING. 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 July 6, 2026.

Part of the FX Daily series — view all 70 editions

Looking for the latest edition? ING Think fx daily french risk keeps harming ecb hawks (Oct 6, 2026)

  1. Jun 29ING-Think-fx-daily-a-busy-week-ahead
  2. Jun 30ING-Think-fx-daily-no-doves-in-sintra
  3. Jul 1ING-Think-fx-daily-warsh-should-keep-the-dollar-supported
  4. Jul 3ING-Think-fx-daily-high-alert-on-jpy-intervention

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Authors / Editors

Chris TurnerFrantisek TaborskyFrancesco Pesole

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INGDaily UpdateDXYUSDJPYEURUSDFXRates Govt BondsAsia PacificEurope

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