European Markets Wrap-Up | EURUSD jumps above 1.18 as latest tariff woes weigh on the US Dollar. What's next?

Monday, 23 Feb, 2026 Forex EURUSD jumps above 1.18 as latest tariff woes weigh on the US Dollar. What's next? FUNDAMENTAL OVERVIEW USD: The US Dollar weakened across the board on Friday after the US Supreme Court struck down Trump's reciprocal tariffs. The policy uncertainty is what is likely to have weighed News Italy January final CPI +1.0% vs +1.0% y/y prelim Prior +1.2% HICP +1.0% vs +1.0% y/y prelim Prior +1.2% Slight delay in the release by the source. Looking at the details, services inflation is the one that is keeping higher at 2.5% last month. Meanw Learn more Forex Market outlook for the week of 23rd-27th February It will be a light week in terms of scheduled economic events for the FX market. On Monday, the U.S. will release factory orders m/m and on Tuesday attention will be on the U.K.'s Monetary Policy Repo News Germany February Ifo business climate index 88.6 vs 88.4 expected Prior 87.6 Current conditions 86.7 vs 86.3 expected Prior 85.7 Expectations 90.5 vs 90.3 expected Prior 89.5; revised to 89.6 The headline reading is a six-month high as German business morale picks u Commodities Is this finally the time for gold to reach new record highs after the tariffs ruling? FUNDAMENTAL OVERVIEW Gold got a boost on Friday after the US Supreme Court struck down Trump's reciprocal tariffs. The initial reaction saw gold coming under pressure but eventually the market turned News The biggest winners and losers from the latest US tariffs shift To recap, the biggest news hitting markets since Friday is the Supreme Court shooting down Trump's reciprocal tariffs from April last year. The 6-3 decision now sees those tariffs, enacted under the I News What are the main events for today? EUROPEAN SESSION In the European session, the only highlight is going to be the German IFO survey. The IFO is correlated with the German Composite PMI given that they measure basically the same thing. Forex Orders FX option expiries for 23 February 10am New York cut There is arguably just one to take note of on the day, as highlighted in bold below. That being for EUR/USD at the 1.1845 level. It isn't one that holds too much technical significance but could act a Learn more Central Banks Lagarde reportedly receives six-figure BIS stipend despite ECB ban on third-party payments Well, the timing of this is quite uncanny. Amid all the speculation surrounding Lagarde's future, this leak is now popping up and Lagarde is being placed under scrutiny for receiving about €140,000 a

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