US Dollar Index (DXY) consolidates near 97.70, over one-week top; bullish potential intact
By Haresh Menghani
Date Published: 19 Feb 2026 | Date Modified: 19 Feb 2026
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The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, is seen consolidating the previous day's strong move up to over a one-week high and oscillating in a narrow range during the Asian session on Thursday.
- The USD pauses for a breather following the previous day’s rally to over a one-week top.
- The less dovish FOMC Minutes temper rate cut bets and continue to support the USD.
- Geopolitical risks offset a positive risk tone and further underpin the safe-haven buck.
The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, is seen consolidating the previous day's strong move up to over a one-week high and oscillating in a narrow range during the Asian session on Thursday. The Index currently trades around the 97.70 region, nearly unchanged for the day.
Minutes from the January FOMC meeting revealed on Wednesday that policymakers were deeply divided over the necessity and timing of further rate cuts amid concerns about inflation. In fact, several Federal Reserve (Fed) officials indicated that more rate cuts could be warranted if inflation declines as expected, while others cautioned that easing too early could compromise the central bank's 2% inflation target.
This comes on top of the blowout January Nonfarm Payrolls (NFP) report, released last week, and tempers expectations for a more aggressive policy easing by the US central bank, which, in turn, acts as a tailwind for the US Dollar (USD). Moreover, reports that the US military is prepared to strike Iran as early as this weekend keep geopolitical risks in play and further underpin the Greenback's safe-haven status.
That said, traders are still pricing in the possibility of at least two interest cuts by the Fed in 2026. The bets were lifted by softer US consumer inflation figures last Friday, which, along with the upbeat market mood, held back the USD bulls from placing aggressive bets. The focus now shifts to the US Personal Consumption Expenditure (PCE) Price Index on Friday, which should provide a fresh impetus to the USD.
US Dollar Price This week
The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.67% | 1.13% | 1.52% | 0.58% | 0.09% | 0.91% | 0.52% | |
| EUR | -0.67% | 0.46% | 0.86% | -0.08% | -0.59% | 0.25% | -0.14% | |
| GBP | -1.13% | -0.46% | 0.13% | -0.54% | -1.05% | -0.22% | -0.60% | |
| JPY | -1.52% | -0.86% | -0.13% | -0.93% | -1.39% | -0.59% | -0.94% | |
| CAD | -0.58% | 0.08% | 0.54% | 0.93% | -0.54% | 0.34% | -0.06% | |
| AUD | -0.09% | 0.59% | 1.05% | 1.39% | 0.54% | 0.84% | 0.45% | |
| NZD | -0.91% | -0.25% | 0.22% | 0.59% | -0.34% | -0.84% | -0.39% | |
| CHF | -0.52% | 0.14% | 0.60% | 0.94% | 0.06% | -0.45% | 0.39% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
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