Security

DXY Research Hub: US Dollar Index Analysis

The DXY remains structurally supported by a confluence of hawkish Federal Reserve rhetoric and superior US economic resilience relative to other major regions. Despite geopolitical shifts in the Middle East and fluctuating crude prices above $100 per barrel, the US Dollar Index has sustained levels above 99.00, driven largely by a 'carry-driven bid' and 10-year yields holding near 4.57%. In contrast, the Euro faces downward pressure as stagflationary shocks stifle European activity, leading markets to scale back ECB tightening expectations from 85bp to 65bp. Similarly, the Yen remains vulnerable due to lower-than-expected core inflation in Japan, which has prompted a more gradual approach to rate normalization from the BOJ. In emerging markets, central banks in regions like India and Indonesia are actively defending their currencies against capital outflows triggered by the US-DM data divergence and high energy costs. However, some analysts note that while fundamentals favor the Greenback, trading conviction for net long positions has softened as the market weighs the eventual timing of Fed rate cuts against persistent inflationary risks.

124 reports available

FX Daily: Fading Geopolitical Risk, Focus on Rate Differentials

ING Bank N.V.·Jul 10, 2026

The dollar remains unchanged as markets disregard geopolitical risks in the Middle East, choosing to focus on interest rate differentials. Strategists remain cautious about these sanguine market expectations.

FX Daily

ING Bank N.V.·Jul 8, 2026

The market focus turns to the Fed's June meeting minutes, which are expected to bolster a hawkish outlook and support the USD. Meanwhile, the RBNZ delivered a hawkish rate hike, and the NBP remains under scrutiny as the Polish zloty faces downward pressure.

FX Daily: More Insights Into The Fed This Week

ING Bank N.V.·Jul 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.

FX Daily: High Alert On JPY Intervention

ING Bank N.V.·Jul 3, 2026

This report highlights elevated risks of JPY intervention due to thin holiday liquidity and analyzes the market impact of soft US jobs data on USD and ECB policy outlooks.

FX Weekly

MUFG·Jul 3, 2026

This report analyzes the recent shift in US dollar momentum following softer jobs data and the resulting implications for global central bank policies, specifically the BoJ and ECB.

Foreign Exchange Forecasts

Citi·Jun 25, 2026

Citi Research forecasts a short-term tactical USD appreciation driven by hawkish Fed policy and technical bullish breakouts, while maintaining medium-term neutrality as Fed hikes remain non-base case.

Technical Views Currencies Commodities and 10Y Yield

Pictet·Jun 23, 2026

Daily FX Update

Scotiabank·Jun 29, 2026

Global FX Strategy

Citi·Jun 17, 2026

All reports

Page 1 of 6

FX MUFG ING Scotiabank

Get full access

14-day trial · card required