FX markets

Daily Market View 23-02-2026

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1:03

Dollar down as tariff fears re-emerge

1 Minute Market Rundown

The US Supreme Court ruling last week stated that Trump's sweeping tariffs of last year are unlawful
In response, Trump has increased the US global tariff to 15% as a way to circumvent the ruling
Move triggers big spike in volatility and downward move in the Dollar

USD-

The US political system always finds a way to steal the show and remains the heavyweight champion of intrigue. Last weeks Supreme Court ruling that Trump's tariffs were unlawful was bound to get a big reaction from the President, who reacted in the way you would expect, using a never-used before law to allow him to impose a 15% tariff for 150 days.

Screenshot 2026-02-23 080024

USD has been the biggest casualties so far, with the broad Dollar Index down -0.3% and classic safe havens such as the Swiss Franc performing the best. Given Trump's difficulty with staying the course on many policies, there is likely to be more twists and turns this week regarding tariffs that will add more fuel to the speculative fire.

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*Please be aware the below rates represent the market rate at 8:00 AM, contact your Caxton dealer or check online for a live quote.

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