Market Analysis Summary - February 23, 2026

Author: Axel Rudolph, Market Analyst

Publication Date: February 23, 2026

Overview

The article discusses the recent fluctuations in major financial markets, particularly focusing on the FTSE 100, USD/JPY, and silver prices, amidst ongoing uncertainties regarding US tariffs. The analysis highlights the impact of a recent Supreme Court ruling on tariffs and its implications for market sentiment.

Key Highlights

• Wall Street Futures Retreat: S&P 500 futures fell by 0.8% and Nasdaq 100 futures dropped by 1.0%, reversing gains from the previous Friday due to tariff-related uncertainties.
• Tariff Confusion: The Supreme Court's decision to strike down President Trump's emergency tariffs led to a proposed blanket 15% tariff, creating further uncertainty in trade policy.
• Dollar Weakness: The US dollar weakened against the Japanese yen and Swiss franc, while the euro and sterling saw slight gains as investors reassessed the implications of the tariff situation.
• Asian Markets Mixed: The MSCI Asia-Pacific ex-Japan index rose by 0.9%, with notable gains in South Korea and Taiwan, as some analysts suggested potential easing of US tariff rates.
• Oil Prices Dip: Brent crude oil fell by 1.3% to $70.84 per barrel, influenced by upcoming US-Iran nuclear negotiations.
• Gold and Silver Prices Rise: Gold prices increased by 1.1% to $5159 per ounce, while silver rose by 3.2%, driven by adjusted expectations for a Federal Reserve rate cut.

FTSE 100 Analysis

The FTSE 100 index recently reached a record high of 10,745 but has since experienced a pullback due to tariff uncertainties. A drop below the previous low of 10,639 could signal further declines towards the February uptrend line at 10,583. Conversely, a rise above 10,745 may target the 11,000 mark.

Short-term Outlook: Bullish while above the February 17 low at 10,442.

Medium-term Outlook: Bullish while above the February 6 low at 10,211.

USD/JPY Analysis

The USD/JPY currency pair has seen a decline from a recent high of ¥155.64 to ¥154.00. A break below this level could lead to further declines towards ¥153.62 and lower. A rise above ¥154.00 would target the January low at ¥156.12.

Short-term Outlook: Bullish while above the February 12 low at ¥152.27.

Medium-term Outlook: Neutral while above the January low at ¥152.10 but below the January peak at ¥159.42.

Silver Price Rally

Silver prices have rallied to a two-week high of $87.8331, supported by geopolitical tensions. If this level is surpassed, the price may reach between $90.3354 and $92.2049. Immediate support is noted between $84.0301 and $82.7706.

Short-term Outlook: Bullish while above the February 20 low at $77.4715.

Medium-term Outlook: Neutral with a bullish bias while above the February 17 low at $91.9773.

Conclusion

The article provides a comprehensive analysis of current market conditions influenced by tariff uncertainties and geopolitical factors. The outlook for the FTSE 100, USD/JPY, and silver prices remains cautiously optimistic, with key levels to watch for potential market movements.