Risk appetite continues to deteriorate

<p>A classic flight to safety has emerged as the theme to close out the week.</p><p>S&amp;P 500 futures are down 0.8% and yields down 8-10 bps across the curve. The intensification of those moves have made for a mixed picture in the FX market. Commodity currencies continue to weaken while the US dollar loses ground against the yen and euro.</p><p>Yen crosses are in particular focus again today. Breakouts to long-term highs yesterday were met by a hot CPI report today that's stoked fears about the end of yield curve control and led to broad yen buying.</p>

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