Top Forex & CFD Risers & Fallers in February 2026

The main theme in the Forex markets in February was a rotation into a defensive position, coupled with a few data surprises that shook up some commodity currencies.

Top Movers Over the Last Month

• Silver +10%
• Nikkei +2.9%
• Stoxx50 -3.1%
• Crude +24%
• AUDUSD +1.3%

Defensive Moves Ahead of Risk Events

February saw a renormalisation after January's extreme moves, which sent gold spiking and heightened geopolitical concerns. Equity traders continued to rotate out of high-valuation tech stocks, seeking a more defensive position that helped traditional safe havens gain value. The dollar, in fact, had its first monthly gain since October, while crude prices ticked higher as the US built up its military in the Middle East. The war in Iran has shed new light on many of the projections and trends from February, but the overall theme of defensive posturing has only grown.

Select February Top Movers

Silver: Solar Demand Over Safety

The white metal price rose 20% in February, with most of the gains in the latter part of the month. Silver had skyrocketed along with gold in January and was in its normalisation phase in February. Demand for safe havens, along with continued industrial consumption for solar panels, helped silver outperform gold last month. But that trend reversed in March, as constrained oil supplies to China could threaten industrial activity and lower silver demand.

Nikkei: Stimulus Growth

The premier stock index scored several new record highs in February and came close to breaking the 60K level. The gains came after Sanae Takaichi secured a landslide victory in snap elections, promising increased government spending. She also reportedly leaned on the BOJ to delay further hikes. However, things have turned downward for Japanese equities, as the nation's crude oil imports were cut off in the Strait of Hormuz, and the Nikkei has posted its worst single-day performance since Trump's tariff announcement last April.

Stoxx 50: Europe Gains From Rotation

European stocks were one of the beneficiaries of the general rotation out of tech and into defensive plays. Tech has a minor weighting in the Stoxx 50, and its large industrials with relatively low valuations were attractive to investors in February, helping the index hit several new record highs. However, the index shed all those gains in March and fell further as the war in Iran threatens to raise inflation, potentially pushing the ECB back into hawkishness, and as trade disruptions from attacks on Red Sea shipping loom.

Crude: Iran

Brent fluctuated in the early part of February amid US pressure on Iran and a build-up of military assets in the Middle East. However, positive commentary about talks in Geneva kept the market from pricing in a war. The unexpected start of airstrikes in March sent Brent surging above $82.00/bbl.

AUDUSD: More Hikes Coming

The Aussie jumped in early February after January inflation came in hotter than expected and the RBA signalled that more rate hikes could be on the way. The housing component was the largest contributor to higher inflation, and RBA policy can more directly affect pricing in that sector. In early May, RBA Governor Michelle Bullock said that every meeting is "live", which the market interpreted as opening the possibility of back-to-back rate hikes. However, the currency has underperformed amid concerns that higher energy costs could weigh on China's demand for raw materials.