Log in to today's North American session Market wrap for February 12
A reality check just hit the markets: things aren't going to be easy for investors, traders, or benchmarks moving forward.
The catalyst was a headline regarding Israeli PM Netanyahu's return from the US after meeting President Trump. The discussions point toward renewed diplomacy between the US and Iran, signaling potential de-escalation.
Markets, which had priced in a decent risk premium, reacted swiftly.
Commodities unwound their war trade positions: Gold dipped 3.50% to break back below $5,000, Silver plunged over 10% to trade under $75, and Oil closed below $63.
While Crude is still above its pre-rally level of $58, the immediate panic bid has evaporated. However, skepticism remains. Despite the diplomatic overtures, the US confirmed today it is deploying another warship to the Middle East, suggesting this story is far from over.
Surprisingly, stocks and crypto found no comfort in the de-escalation headlines. Instead, the selloff in Tech, Software, and Communications is spreading to the broader economy.
AI replacement fears are now affecting valuations in sectors previously thought safe from disruption—Farming, Real Estate, Financials, and even specialized Freight are all getting hammered as investors reassess their longevity in an automated world.
US Benchmarks have fallen between 1.30% for the DJIA to around 2% for Nasdaq. Not a pretty picture.
With participants deleveraging swiftly ahead of tomorrow's CPI data, the consequences are harsh. Bonds were the only asset class to rally today as capital fled to safety.
Finally, a notable pattern is emerging: Thursdays are becoming synonymous with harsh bearish volatility in 2026. Keep a close eye on this trend as we move deeper into the quarter.
Market Close Heatmap – Source: TradingView – February 12, 2026
The bloodbath continues despite the better peace news. Tomorrow will surely see major repricings in the Stock Markets, and definitely won't be pretty if Inflation comes with a beat.
Only a very soft print will help the trading at times like these.
Cross-Assets Daily Performance
Cross-Asset Daily Performance, February 12, 2026 – Source: TradingView
Today was a real bloodbath for Markets, with everything tumbling against the Bonds and the US Dollar. This is a clear deleveraging picture unfolding in front of our eyes. Let's see if this extends after tomorrow's release.
The weekly close will be very key!
A picture of today's performance for major currencies
Currency Performance, February 12, 2026 – Source: OANDA Labs
Today's FX movement was relatively muted compared to what Markets have been getting used to since 2026. The Aussie Dollar and other risk-on currencies got hit by the disastrous drops in commodities and Stock Markets, while the traditional safe-haven monies (CHF, JPY) loved it.
A look at Economic data releasing throughout tonight and tomorrow's sessions
For all market-moving economic releases and events, see the MarketPulse Economic Calendar.
Thursday evening session: Focus on NZ data, particularly RBNZ inflation expectations — a key input for NZD direction after its recent rise and today's drop.
Kiwi traders should also not forget NZ PMI.
The US evening session features Fed speakers (Logan, Miran), which could keep the USD reactive. Traders will listen closely to Logan particularly as she is one of the most hawkish Fed voters this year.
Friday is preparing to be a banger: Eurozone GDP (prelim) and employment data will act as a key test for the Euro, alongside comments from ECB’s De Guindos and BoE’s Pill.
The main event however is US CPI. Both headline and core prints will drive Fed expectations and Market volatility, particularly after today's volatile session.
A hotter print supports will take out this year's priced in cuts even Further. Don't forget to check out our preview right here!
Safe Trades!
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