FX Daily: USD Rally Getting Tired – Analysis by ING Bank (26 June 2026)

Key Takeaways

• 1.The USD rally is showing signs of exhaustion as bullish momentum fades despite recent positive data.
• 2.Market sentiment is coalescing around 162.0 USD/JPY as a critical threshold for potential FX intervention by the Bank of Japan.
• 3.The Czech National Bank remains the most hawkish in the region, providing support for the CZK despite global dollar strength.

Table of Contents

• USD: Testing rally resilience
• EUR: Stabilisation may continue
• JPY: 162.0 new line in the sand?
• CZK: Hawkish CNB keeps support intact despite stronger dollar pressure

Report data

The dollar's momentum is fading a bit

Reports in this series

FX Daily is shown in chronological order through this edition, published on June 26, 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 22ING-Think-fx-daily-lack-of-gbp-political-premium-cuts-both-ways
2. Jun 23ING-Think-fx-daily-focus-remains-on-yen-and-sterling
3. Jun 24ING-Think-fx-daily-ai-jitters-adds-fuel-to-usd-rally
4. Jun 25ING-Think-fx-daily-looking-for-stabilisation