February 2026 in Figures – Currency Thoughts
February 2026 in Figures
February 28, 2026
U.S.-generated uncertainty, which had been so prominent in 2025, somehow managed to build to an even greater extent in the first month of President Trump’s second term. Despite being the creator of the chaos, America’s currency benefited from safe-haven demand, so losses versus currencies against which the dollar fell during February were comparatively muted. The dollar’s gains were also small.
Equity performances were the area in which the United States more clearly paid a price for the government’s erratic behavior. While major U.S. stock market measures were flat to lower, Japanese and European share prices performed well. The irony here is that U.S. presidents, including Trump during his first term, have often interpreted bull markets as confirmation that their economic policies are well crafted
Concern is growing around the world that the reversal of U.S. long-held economic policies such as in the area of trade will result in lessening economic growth most everywhere. Downwardly revised growth expectations correlated with falling long-term interest rates during February.
None of the major central banks in the table below changed their interest rates during the past month. Among other central banks where policy rate changes were implemented in February, those in in Hungary, Thailand, Jamaica and the Philippines announced cuts of 25 basis points, while central banks in Egypt (-100 basis points) and Russia (-50 bps) made even larger reductions. In contrast, the National Bank of Kyrgyzstan’s benchmark interest rates was lifted by a full percentage point, i.e. 100 bps.
Gold and silver experienced continuing strong demand in February. Crypto absorbed another large blow, and oil managed to end the month with a rise, as fears U.S. involvement in yet another Middle Eastern war persisted.
| 10-Yr Yield | 02/27/26 | 01/30/26 | February Chg |
| U.S. | 3.95% | 4.25% | -30 basis points |
| Germany | 2.64% | 2.84% | -20 |
| Japan | 2.10% | 2.24% | -14 |
| U.K. | 4.23% | 4.52% | -29 |
| Canada | 3.13% | 3.42% | -29 |
| Switzerland | 0.16% | 0.18% | -2 |
| CB Policy Rate | 02/27/26 | 01/30/26 | February Chg |
| Fed funds target | 3.50/3.75% | 3.50/3.75% | 0 Basis Points |
| ECB deposit rate | 2.00% | 2.00% | 0 |
| BOJ policy rate | +0.75% | +0.75% | 0 |
| BOE Bank Rate | 3.75% | 3.75% | 0 |
| Swiss Policy Rate | 0.0% | 0.0% | 0 |
| FX | 02/27/26 | 01/30/26 | Change in $ |
| EUR/USD | 1.1816 | 1.1853 | +0.3% |
| USD/JPY | 156.18 | 154.76 | +0.9% |
| USD/CHF | 0.7688 | 0.7730 | -0.5% |
| GBP/USD | 1.3478 | 1.3683 | +1.5% |
| AUD/USD | 0.7117 | 0.6963 | -2.2% |
| NZD/USD | 0.5949 | 0.6021 | +1.2% |
| USD/CAD | 1.3648 | 1.3617 | +0.2% |
| USD/CNY | 6.8582 | 6.9518 | -1.3% |
| Equities | 02/27/26 | 01/30/26 | February Chg |
| S&P 500 | 6871 | 6936 | -0.9% |
| Nasdaq | 22467 | 23462 | -4.2% |
| Djia | 48978 | 48892 | +0.2% |
| Dax | 25284 | 24439 | +3.5% |
| Nikkei | 58850 | 53323 | +10.4% |
| Ftse | 10916 | 10224 | +6.8% |
| Canada TSE | 34341 | 31924 | +7.6% |
| Swiss SMI | 14014 | 13188 | +6.3% |
| Commodities | 02/27/26 | 01/30/26 | Feb Change |
| WTI Oil, $ per bbl | 67.02 | 65.21 | +2.8% |
| Gold, $ per ounce
Bitcoin, $ |
5248
65,618 |
4745
85,876 |
+10.6%
-23.6% |
Copyright Larry Greenberg 2026. All rights reserved. No secondary distribution without express permission.
Tags: financial market movements in February 2026
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