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ING Bank N.V.

June 24, 2026

FX Daily: AI Jitters Add Fuel To USD Rally

Daily UpdateEquitiesFXRates Govt BondsInformation Technology

Tech-led equity sell-offs and safe-haven flows are driving a strong USD rally. Meanwhile, the NBH has signaled a dovish path, and European growth concerns continue to weigh on the Euro.

Key Takeaways

  • 1.Equity turmoil, particularly regarding tech and semiconductor stocks, is fueling a USD rally as investors seek safe havens.
  • 2.Diverging growth expectations between the US and Europe, alongside poor German PMI data, are pressuring the Euro.
  • 3.The National Bank of Hungary (NBH) has adopted a notably dovish stance, committing to a 'mini rate cut cycle'.

Table of Contents

  • USD: Hard to pick a top
  • EUR: Eyeing 1.130
  • AUD: Hot core CPI to keep RBA communication hawkish
  • HUF: NBH becoming the most dovish player

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Authors

Francesco PesoleFrantisek Taborsky

Securities

EURUSDAUDUSD

Themes

AI Equity VolatilityCentral Bank Policy DivergenceSafe-Haven Flows

Regions

EuropeAsia PacificUnited StatesGermanyAustralia

Browse More

ING Bank N.V.Daily UpdateEURUSDAUDUSDFXEquities

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