Forex Today: US tariff turmoil, geopolitics trigger volatilte start to week
작성자 Eren Sengezer
게시일: 23 Feb 2026 | 수정일: 23 Feb 2026
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Here is what you need to know on Monday, February 23:
Here is what you need to know on Monday, February 23:
Financial markets start the week in a volatile manner as investors assess the latest headlines surrounding the United States' (US) trade regime and geopolitics. In the absence of high-impact data releases, market participants will keep a close eye on fresh developments on these subjects on Monday.
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the weakest against the Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.32% | -0.26% | -0.31% | -0.09% | 0.03% | -0.14% | -0.33% | |
| EUR | 0.32% | 0.06% | -0.02% | 0.24% | 0.36% | 0.17% | -0.01% | |
| GBP | 0.26% | -0.06% | -0.06% | 0.17% | 0.29% | 0.12% | -0.07% | |
| JPY | 0.31% | 0.02% | 0.06% | 0.24% | 0.36% | 0.19% | 0.01% | |
| CAD | 0.09% | -0.24% | -0.17% | -0.24% | 0.12% | -0.05% | -0.24% | |
| AUD | -0.03% | -0.36% | -0.29% | -0.36% | -0.12% | -0.17% | -0.37% | |
| NZD | 0.14% | -0.17% | -0.12% | -0.19% | 0.05% | 0.17% | -0.19% | |
| CHF | 0.33% | 0.01% | 0.07% | -0.01% | 0.24% | 0.37% | 0.19% |
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).
The Supreme Court ruled against US President Donald Trump's administration's tariffs on Friday, explaining that the president exceeded his constitutional authority by using the International Emergency Economic Powers Act (IEEPA) to impose unilateral tariffs on trading partners. In response, President Trump vowed that his administration will impose even further tariffs using alternative legal frameworks, specifically citing national security conventions under Section 301 of the Trade Act of 1974. Over the weekend, Trump said that he will raise global tariffs to 15% from 10% "effective immediately" and warned that additional levies would follow.
Following this announcements, China's Commerce Ministry came out with a statement early Monday, urging the US to lift its unilateral tariffs on trading partners. Officials added that China will firmly defence Chinese interests.
The US Dollar (USD) Index edged slightly lower in the American session on Friday but managed to end the week in positive territory. Early Monday, the USD Index stays under bearish pressure and fluctuates slightly below 97.50, losing more than 0.3% on the day. Meanwhile, Wall Street reacted to positively to the Supreme Court ruling and closed in positive territory heading into the weekend. In the European morning on Monday, however, US stock index futures lose between 0.6% and 0.8%.
Meanwhile, Iran and the US have agreed to hold a third round of nuclear talks in Geneva on Thursday. According to the New York Times, Trump could launch a targeted strike in the coming days to force Iran to make a deal, and even consider a larger military assault later this year if they fail to convince Iran to meet his demands. After rising more than 5% last week, the barrel of West Texas Intermediate corrects lower on Monday and was last seen trading at $65.70, losing about 1% on the day.
Gold benefits from the risk-averse market atmosphere on Monday and trades at its highest level since late January above $5,100.
EUR/USD started the week with a bullish gap and was last seen trading near 1.1820, rising more than 0.3% on the day. IFO sentiment data from Germany will be featured in the European economic calendar on Monday.
GBP/USD gathers bullish momentum and trades above 1.3520 after closing the previous week deep in negative territory.
USD/JPY stays on the back foot and trades in the red near 154.50 after posting gains for three consecutive trading days.
Tariffs FAQs
Tariffs are customs duties levied on certain merchandise imports or a category of products. Tariffs are designed to help local producers and manufacturers be more competitive in the market by providing a price advantage over similar goods that can be imported. Tariffs are widely used as tools of protectionism, along with trade barriers and import quotas.
Although tariffs and taxes both generate government revenue to fund public goods and services, they have several distinctions. Tariffs are prepaid at the port of entry, while taxes are paid at the time of purchase. Taxes are imposed on individual taxpayers and businesses, while tariffs are paid by importers.
There are two schools of thought among economists regarding the usage of tariffs. While some argue that tariffs are necessary to protect domestic industries and address trade imbalances, others see them as a harmful tool that could potentially drive prices higher over the long term and lead to a damaging trade war by encouraging tit-for-tat tariffs.
During the run-up to the presidential election in November 2024, Donald Trump made it clear that he intends to use tariffs to support the US economy and American producers. In 2024, Mexico, China and Canada accounted for 42% of total US imports. In this period, Mexico stood out as the top exporter with $466.6 billion, according to the US Census Bureau. Hence, Trump wants to focus on these three nations when imposing tariffs. He also plans to use the revenue generated through tariffs to lower personal income taxes.
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