Markets in full risk-off mode: Stocks slump, oil rips past $100

The US Dollar shrugged off the data, which saw a GDP revision miss and jobless claims in line with expectations. The USD (& Yen) has largely steadied just under its best levels in early NY trade, with most of the moves coming overnight as Russia invaded Ukraine. US Q4 real GDP growth was bumped up to 7.0% from the 6.9% pace in the Advance reading, and compares to 2.3% in Q3, the hottest since Q3 1981. The USDIndex topped at February highs of 97.24, up from 96.19 at the close on Wednesday, and currently sits at 97.19. EURUSD is just off its earlier lows of 1.1155, trading at 1.1170, while USDJPY idles at 114.85, after bottoming at 114.47 in London trade. Equity futures and yields remain sharply lower.