USDIDX: dollar starts the week under pressure from trade turmoil 📄

Key takeaways

Supreme Court ruling limiting the administration’s ability to unilaterally impose tariffs
Trump’s immediate announcement of a new 15% global tariff
Uncertainty surrounding tariff refunds and potential legal disputes
Perceived support for growth outside the US
Ongoing fiscal and political uncertainty in the United States
Low liquidity in Asia amplifying currency moves

Key takeaways

Supreme Court ruling limiting the administration’s ability to unilaterally impose tariffs
Trump’s immediate announcement of a new 15% global tariff
Uncertainty surrounding tariff refunds and potential legal disputes
Perceived support for growth outside the US
Ongoing fiscal and political uncertainty in the United States
Low liquidity in Asia amplifying currency moves

The US dollar started the week under pressure after the US Supreme Court invalidated a significant portion of the tariff system introduced by former President Donald Trump based on emergency powers. Initially, the ruling was perceived as positive for global growth — as it limits unilateral US trade actions — however, Trump quickly responded by announcing a new, uniform 15% global tariff rate based on a different legal foundation. The message for markets was clear: legal tools may change, but the policy direction remains the same.

Technically, the dollar index (DXY) is attempting to stabilize after testing the 96-point area, but it remains in a broader consolidation.

The combination of legal uncertainty and the continuation of restrictive trade policy triggered a broad sell-off in the dollar. Investors began reassessing the US bargaining position in trade, fiscal implications, and the risk of prolonged legal disputes regarding potential tariff refunds. With markets in Japan and China closed, limited liquidity further amplified FX moves — EURUSD is gaining nearly 0.30% to 1.1830, while USDJPY is down 0.25% to 154.5580. The market reaction reflects not only trade headlines, but also renewed discomfort over the unpredictability of US policy.

At the same time, safe-haven assets gained, while riskier market segments came under pressure. Gold rose to its highest level in three weeks, oil declined due to demand concerns despite the resumption of US–Iran talks, and the cryptocurrency market experienced strong position liquidations.

20 February 2026, 6:03 PM

Three markets to watch next week (20.02.2026)

20 February 2026, 3:13 PM

BREAKING: TRUMP’S GLOBAL TARIFFS STRUCK DOWN BY US SUPREME COURT 🚨🏛️

20 February 2026, 12:59 PM

Market Wrap: Europe is back to green 🇪🇺 📈 Business activity finally accelerating ❓

20 February 2026, 9:07 AM

BREAKING: European flash PMIs stronger than expected 📈EURUSD ticks higher

Forex
Indices

Cookie name	Description
SERVERID
userBranchSymbol	Expiration date 1 day
test_cookie	Expiration date 1 hour
adobe_unique_id	Expiration date 364 days
__hssc	Expiration date 1 hour
SESSID	Expiration date 1 day
__cf_bm	Expiration date 1 hour
intercom-id-iojaybix	Expiration date 270 days
intercom-session-iojaybix	Expiration date 6 days
xtbCookiesSettings	Expiration date 364 days
TS5b68a4e1027
countryIsoCode
xtbLanguageSettings	Expiration date 364 days
userPreviousBranchSymbol	Expiration date 364 days
intercom-device-id-iojaybix	Expiration date 270 days
__cfruid
_cfuvid

Cookie name	Description
_gid	Expiration date 1 day
_gat_UA-98728395-1	Expiration date 1 hour
_gat_UA-121192761-1	Expiration date 1 hour
_gcl_au	Expiration date 89 days
_ga_CBPL72L2EC	Expiration date 729 days
_ga	Expiration date 729 days
__hstc	Expiration date 179 days
__hssrc
_vwo_uuid_v2	Expiration date 365 days
_ga_TC79BEJ20L	Expiration date 729 days
_vwo_uuid	Expiration date 365 days
_vwo_ds	Expiration date 29 days
_vwo_sn	Expiration date 1 hour
_vis_opt_s	Expiration date 99 days
_vis_opt_test_cookie
af_id	Expiration date 394 days
afUserId	Expiration date 730 days
AF_SYNC	Expiration date 6 days
AnalyticsSyncHistory	Expiration date 29 days

Cookie name	Description
MUID	Expiration date 389 days
_omappvp	Expiration date 3998 days
_omappvs	Expiration date 1 hour
_uetsid	Expiration date 1 day
_uetvid	Expiration date 389 days
_fbp	Expiration date 89 days
fr	Expiration date 89 days
_ttp	Expiration date 89 days
_tt_enable_cookie	Expiration date 89 days
hubspotutk	Expiration date 179 days
IDE	Expiration date 389 days
YSC
VISITOR_INFO1_LIVE	Expiration date 179 days
li_sugr	Expiration date 89 days
guest_id_marketing	Expiration date 729 days
guest_id_ads	Expiration date 729 days
guest_id	Expiration date 729 days
muc_ads	Expiration date 729 days
VISITOR_PRIVACY_METADATA	Expiration date 179 days
MSPTC	Expiration date 389 days

Cookie name	Description
bcookie	Expiration date 364 days
lidc	Expiration date 1 day
UserMatchHistory	Expiration date 29 days
bscookie	Expiration date 364 days
li_gc	Expiration date 179 days
personalization_id	Expiration date 729 days