A risk off tone has dominated the markets this morning as stocks decline across the board while haven assets push higher. The yen has been the best performer amongst its major counterparts, gaining some 0.5 percent. Elsewhere we see the greenback extending yesterday’s sell off; the dollar index trades below the $101.00 level for now. This dollar depreciation is in spite of rising US inflation which increases the likelihood of a March rate hike. The Stoxx Europe 600 is experiencing its first decline for over a week while US futures are pointing lower as we prepare for the cash open. Looking to the commodity complex, crude oil has rebounded strongly from yesterday’s losses following the crude inventory data. WTI now trades back near the $54 handle. Gold continues its leg higher in this risk off environment as we approach $1238 an ounce on the upside. US housing starts and jobs data shall hit the wires at 13:30 GMT this afternoon as we look for a boost in volatility.