JPMorganChase
June 25, 2026
G10 FX Daily Report
Daily UpdateFXCommoditiesRates Govt BondsEnergyInformation Technology
The report highlights persistent USD strength driven by month-end rebalancing flows, despite softening energy prices and yields. The author maintains a cautious, neutral stance while awaiting July US labor and inflation data.
Key Takeaways
- 1.The US dollar remains supported by month-end rebalancing flows and hawkish market narratives despite recent weakness in oil prices and government bond yields.
- 2.The author is tactically neutral/cautious on the USD in the short term, preferring to wait for upcoming US payrolls and CPI data before increasing risk.
- 3.Energy price volatility (oil) is impacting commodity-linked currencies like CAD, NOK, and AUD, leading to a defensive stance or exit from previous long positions.
Table of Contents
- FUR
- JPY
- CHF
- AUD
- NZD
- CAD
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Authors
Laoise Ni Thighearnaigh
Securities
USDCHFUSDJPYUSD/CAD
Themes
Month-end rebalancingUSD StrengthEnergy price impact on commodity currencies
Regions
Asia PacificEuropeUnited StatesJapanSwitzerland