Traders get ready War – North American session Market wrap for February 18

[Ben Graham]

Log in to today's North American session Market wrap for February 18

Traders just got back on the risk-off schedule after this morning's turn in narrative regarding the Middle East.

Just yesterday, it seemed that communications were heading towards further confidence in a Nuclear deal between the US and Iran.

But as was expressed by US Secretary of State Marco Rubio, "It’s been very difficult for anyone to do real deals with Iran", so the recent turn is not that big of a surprise.

Commodities and Markets will tend to play tricks on traders, and overall yesterday's turn really did look like things were heading towards a more peaceful resolution – But price action can never be straightforward, or else, it would be too easy.

It seems that yesterday really was the calm before the storm.

Oil dipped close to $62 in yesterday's session before rallying 5%, back above $65 in today's action. Metals also rebounded swiftly, however their price action remains contained.

With Gold investors being heavily positioned, traders could find interest in Platinum which could offer similar views with less participants already in the trade if anything happens.

Apart from these themes, the FOMC released surprisingly hawkish minutes, which led to the US Dollar outperforming FX Majors and Stocks correcting, with the latter finding heavier pressure from the turn in sentiment.

January FOMC Minutes and Wartime – North American Mid-Week Market update

Stock indexes still performed well today despite the concerning themes, with a particular appetite towards Europe. Keep a close eye on upcoming geopolitical developments.

Read More:

• January FOMC Minutes and Wartime – North American Mid-Week Market update
• Stocks explode despite War rumors, a bull trap? – Dow Jones and US Index Outlook
• NZD/USD tumbles after the RBNZ hold – A look at the new Governor Anna Breman

Stock Market Heatmap for the Session

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Market Close Heatmap – Source: TradingView – February 18, 2026

Today's rebound was marked by a coordinated attack from Magnificent 7s but except for Nvidia and Amazon, they retraced in the afternoon.

Expect sentiment to stay frothy ahead, particularly looking at where Equities currently stand.

Cross-Assets Daily Performance

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Cross-Asset Daily Performance, February 18, 2026 – Source: TradingView

Major assets did show some risk-off trading towards the latter part of the session, however, it still looks far from a traditional flight to safety.

European Stock outperformed in today's broad equity rally, while the Gold, Silver and Oil combo all rallied back on the renewed War themes.

Altcoins and Bitcoin remain offered throughout the recent action – With Scottie Pippen recently publishing his own technical analysis of Bitcoin, it seems that the rout in Crypto is still not over.

A picture of today's performance for major currencies

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Currency Performance, February 18, 2026 – Source: OANDA Labs

The US Dollar is back on top after the recent geopolitical developments and relative weakness in other FX Majors, particularly the GBP and NZD.

Explore our latest analysis of NZD/USD and economic developments for the Pound right here.

A look at Economic data releasing throughout tonight and tomorrow's sessions

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For all market-moving economic releases and events, see the MarketPulse Economic Calendar.

Antipodeans will once again be on deck with tonight's Australian Employment report. It will be closely watched, particularly after the RBA hike and high expectations for more.

US Traders will look closely at Jobless Claims for further clues on the US Employment conditions. For the rest, the action will be focused on the evening action.

I invite you to check out our Calendar to learn more.

Safe Trades!

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