June 2024 Monthly Report

Read the Ballinger Monthly FX Report for June below.

Softened economic data and rising risk appetite handed the US dollar its first down month of 2024 in May, losing up to 6% against some of the G10. NOK, NZD, SEK, and AUD all made significant gains as renewed soft landing hopes and rallying equities boosted the risk-sensitive G10. Sterling was a star performer too, while the Swiss franc finally halted its decline this year.

In June, the ECB and potentially the Bank of Canada are set to cut rates for the first time this cycle, election volatility will be firmly on the radar, and sticky inflation remains the main focus at the Fed.