Market Updates – February 19

Federica D’Ambrosio

Senior Trader and CFO

Dollar Surge: The US Dollar Index Hits a 6-Week High

Fuelled by positive macroeconomic data releases and optimistic remarks from Fed officials, the US Dollar extended its rally against a basket of currencies, surging to a 6-weeks high and pushing the US Dollar Index (USD) to its highest level since the beginning of the year, surpassing 104.00 on Friday.

The release of US CPI (inflation) data on Tuesday revealed that annualized inflation had experienced a slight dip, only declining from 6.5% to 6.4% over the previous month, instead of the projected 6.2%. This development has bolstered the prospects of rate hikes over the near future, leading to a rally in the Dollar, while simultaneously causing a selloff in stock markets.

Thursday’s reports came on the heels of data released earlier this week that showcased solid growth in US retail sales for January, coupled with indications of persistent inflation. This has fueled concerns that the Federal Reserve may need to keep higher interest rates for longer beyond initial expectations.

The release of recent inflation figures for the UK, indicating a rapid pace of disinflation, has significantly impacted GBP/USD. As the ability to control and manage inflation rates plays a crucial role in the UK’s economic recovery, the recent consumer price index (CPI) data provides insight into the reasons for GBP’s struggles. With the expectation of a swift reversal in rates from the Bank of England (BoE) once inflation is under control, this development is of utmost significance. Despite a modest rise of 0.5% in monthly UK retail sales, the impact on the pound remains insignificant.

This week’s macro focus will be centered on two key events: Wednesday’s release of the Federal Reserve’s recent meeting minutes and Thursday’s revised estimate of US fourth-quarter GDP. These events are highly anticipated by investors and are expected to have a significant impact on market movements. Keep a close eye on the developments and stay ahead of the curve by leveraging the latest market insights to inform your trading decisions.

High Impact News This Week: Feb 20 – 24

Please remember to close the exposure in the directly related pair to the news event. The exposure must be cleared 1 hour before the event and the position can be opened again from 30 min after the data has been released, in case of a speech positions can be reopened after the speech is over. 


7.00 PM  USD    FOMC


1.30 PM   USD   Gross Domestic Product

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