Market Summary - Oil Climbs, Metals Hesitate, Crypto Slips
Date: 18 February 2026
Overview
The market is experiencing a mixed session with oil prices climbing, metals showing hesitation, and cryptocurrencies slipping. The day began with the Reserve Bank of New Zealand announcing an unchanged interest rate of 2.25%, which was anticipated by the market. Despite this, the New Zealand dollar has emerged as the weakest currency, indicating potential market positioning for a more hawkish tone or ongoing technical selling pressure.
Economic Data Releases
Earlier in the day, UK inflation data was released, showing a Consumer Price Index (CPI) of 3%, aligning with expectations. This release did not produce a downside surprise, leading to a constructive reaction in the British pound, which has strengthened against other currencies.
Looking ahead, the market is awaiting US durable goods orders and the FOMC meeting minutes, which are expected to influence rate expectations and dollar positioning, especially in light of recent macroeconomic volatility.
Currency Market Insights
In the currency market, the New Zealand dollar is notably underperforming, while the Japanese yen and Swiss franc are also weaker. Conversely, the US dollar and British pound are gaining strength, suggesting a mild risk-on sentiment combined with selective dollar strength.
Commodity Market Trends
Commodities are showing a bullish trend, particularly oil, which continues to rise and extend its recent gains. Precious metals, including gold and silver, are also in positive territory, although the momentum appears subdued. Traders are exercising caution following the sharp price movements observed at the beginning of January, leading to a more controlled rebound rather than aggressive buying.
Cryptocurrency Market Update
In the cryptocurrency space, there is a noticeable downturn, with Ethereum under pressure and Bitcoin trading lower. While the decline is not yet severe, it raises concerns about the potential onset of a new bearish trend in the crypto market.
Conclusion
Overall, the trading session is characterized by selective strength and cautious positioning. With significant US data and the FOMC minutes still pending, the latter half of the day may see more decisive market movements.