The USD/JPY pair recovers almost its entire early losses and trades marginally lower to near 154.85 during the European trading session on Monday.

AUD/USD trades around 0.7080 on Monday at the time of writing, down 0.05% on the day, after briefly rising above the 0.7100 level during the Asian session.

The US Dollar (USD) claws back half of its early losses after gaining a temporary ground near 97.40 during the European trading session on Monday. During the press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.2% lower to near 97.60.

HSBC Asset Management highlights that recent US Treasury moves look counterintuitive, with stronger US data but lower 10-year yields near the bottom of their 12‑month range. The bank links this to stress in risk assets and renewed demand for havens.

OCBC’s Sim Moh Siong argues that sticky UK inflation and firmer activity data have limited dovish repricing of the Bank of England and cushioned the Pound. However, the 26 February by-election is seen keeping GBP volatility elevated in the near term.

The Indian Rupee (INR) gives back early gains and turns lower against the US Dollar (USD) during afternoon trading hours in India on Monday. The USD/INRedges up to near 91.00, despite the US Dollar (USD) remaining under pressure.

ING analysts Warren Patterson and Ewa Manthey note that Oil, specifically ICE Brent, rallied strongly last week on rising geopolitical risks around potential US action in Iran, but is trading softer as further US-Iran talks are scheduled.

Silver prices (XAG/USD) rose on Monday, according to FXStreet data. Silver trades at $86.40 per troy ounce, up 2.22% from the $84.52 it cost on Friday.

Dow Jones futures fall 0.43% to around 49,450 during European hours ahead of the US regular market open on Monday. S&P 500 and Nasdaq 100 futures decline 0.58% and 0.74%, respectively, trading near 6,880 and 24,880 at the time of writing.

The EUR/USD pair trims a part of its intraday gains, though it manages to hold above the 1.1800 mark through the first half of the European session on Monday and moves little following the release of the IFO institute's business survey for February.

MUFG’s Derek Halpenny highlights that January’s sharp rise in super-long JGB yields attracted strong foreign demand, helping cap yields and easing market instability concerns.

German IFO Institute's Business Climate Index improves to 88.6 in February, beating estimates of 88.4 and 87.6 in January.

Italy Consumer Price Index (YoY) in line with expectations (1%) in January

Italy Consumer Price Index (MoM) in line with expectations (0.4%) in January

Italy Consumer Price Index (EU Norm) (YoY) meets expectations (1%) in January

Italy Consumer Price Index (EU Norm) (MoM) in line with forecasts (-1%) in January

Germany IFO – Expectations meets expectations (90.5) in February

Germany IFO – Current Assessment came in at 86.7, above expectations (86.1) in February

Germany IFO – Business Climate above expectations (88.4) in February: Actual (88.6)

Commerzbank’s Dr. Vincent Stamer analyses how new US tariffs under President Trump affect exporters from Europe. Following a Supreme Court ruling against earlier measures, a new 15% global tariff for 150 days has been announced.

EUR/JPY remains steady after three days of gains, trading around 182.70 during the European hours on Monday. The technical analysis of the daily chart suggests a potential bullish reversal as the currency cross is positioned slightly above the upper boundary of the descending channel pattern.

National Bank of Canada's Ethan Currie highlights that the U.S. Supreme Court’s decision striking down IEEPA‑based tariffs will halve the average effective tariff rate, but they stress the White House still has ample tools to keep tariffs high.

ING’s Chris Turner notes the Dollar is starting the week softer as investors reassess US trade policy and geopolitical risks involving Iran. He highlights the shift to a 15% Section 122 import surcharge and potential synchronized weakness in Treasuries, equities and the Dollar.

The USD/CAD pair finds some support near the 1.3645 region on Monday and, for now, seems to have stalled last week's late pullback from the vicinity of the monthly high.

BNY’s Head of Markets Macro Strategy Bob Savage expects rate cuts from Bank of Israel and Hungarian National Bank as inflation softens and exchange rates remain elevated.

Silver price (XAG/USD) trades 2.13% higher to near $86.50 during the European trading session on Monday. The white metal strengthens as the United States (US) Supreme Court ruling against President Donald Trump’s tariff policy has revived trade uncertainty.

Deutsche Bank analysts note that Brent Oil has pulled back after a sharp two‑day surge driven by US–Iran tensions. The report notes that some weekend risk premium is being unwound even as reports suggest potential US strikes on Iran.

Switzerland Producer and Import Prices (YoY) fell from previous -1.8% to -2.2% in January

Switzerland Producer and Import Prices (MoM) below expectations (0.1%) in January: Actual (-0.2%)

Here is what you need to know on Monday, February 23: