G10 FX Daily Report - 19th June 2026. Fri Jun 19 2026

Research evidence excerpt

G10 FX Daily Report - 19th June 2026. Fri Jun 19 2026

Laoise Ni Thighearnaigh AC Sales & Trading J P M O R G A Nlaoise.nithighearnaigh@jpmorgan.com

JPMorgan Chase Bank N.A, London Branch 19 June 2026

G10 FX

EUR Well we continued the moves post Fed fairly aggressively with our flows to match, in the sense

that rates markets now have less of an anchor and reliant on the data and not forward guidance

not surprising, I still have some doubts around Warsh himself and the interpretation of him as

overtly hawkish on Wednesday evening but he’s one vote and so that won’t matter in the short

term. Given it’s a US holiday today (and elsewhere) and the fact we have moved a fair bit in

comparison to the dull ranges of recent times I do think we are in for a bit of consolidation here

with a bias to add dollar length in specific places on dips. Switzerland talks cancelled as well,

not sure there’s much of a serious read through just yet given so early into the extended ceasefire

personally but given the week’s moves also contributes to the notion of taking a breather.

Risk wise, feel like I second guessed myself a little too much here so whilst being on the right

side generally have not maxed out, not even close. Have taken some of the dollar longs off here,

euro (broadly at first target of 1.14) and chf retain a decent core although have trimmed some

cash and rolled some topside. Against that keeping usdzar shorts and have started to slowly

scale into eurhuf shorts here. Elsewhere, I chopped the eurnok quick yesterday (thankfully!)

and have also cut aud longs (decent outperformer on the crosses at least but am not wholly

inspired by the story at this juncture).

As per previous commentaries, the first target on the euro and key support is around this 1.14