Forexlive Americas FX news wrap: Stocks take a nosedive, inflation expectations jump ...Middle East

UMich final February consumer sentiment 64.7 versus 67.8 expectedUS long-term inflation expectations hit a 30-year high in the UMich surveyCanada December retail sales +2.5% vs +1.6% expectedUS existing home sales for January. 4.08 million versus 4.12 million estimateFed's Goolsbee: Steel tariffs will raise production costs in regionBaker Hughes oil rig count rises -7 in the current weekBOC Macklem. Monetary policy must ensure higher prices do not become ongoing inflationTrump will sign memorandum today to counter digital taxes hated by big tech - reportEyes on Ukraine as intense talks continue. Russia could help fund reconstruction

S&P 500 down 1.7%, Russell 2000 down 2.9%Worst day for stocks since Dec 18WTI crude oil down $2.26 to $70.22US 10-year yields down 7 bps to 4.35%Gold down $3 to $2936JPY leads, AUD lags

The market cracked today as a wall of worries hit. The flash point was a jump in 5-year inflation expectations in the UMich survey to a 30-year highs. That raised some questions about US rate cuts this year but it was about more than that as concern about US tax cuts, tariffs and a handful of other things. There is more on that here.

The FX market wasn't as volatile as stocks but it was the same directionally on a flight to safety that benefited the yen and weighed most-heavily on commodity currencies. The move was steady and unwound some of the recent US dollar weakness while extending the recent run of yen strength.

Have a great weekend.

This article was written by Adam Button at www.forexlive.com.

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