September 12, 2016. The JPY is the strongest. The CAD is the weakest.

The flow of funds are heading into the "relative safety of the JPY" as risk off dominates. Stocks are down over 1.5% -2.5% in Europe. The US stocks are expected to open lower with Nasdaq futures down about -18 points and the S&P futures down about -4.75 points. The other side of the risk trade often is a move out of the commodity currencies. The CAD, AUD and NZD are all down on the day with CAD the weakest.

The ranges and changes show the JPY pairs leading the way. All are near low levels as NY traders enter for the day and the ranges have reached/surpassed the 22-day averages as well.

The market is worried and that is leading into the Pavlovian reaction to the flows.

There are no economic releases today. However, there is FOMC's Brainard who speaks at 1 PM. At that time, the Treasury will conduct a 3 and 10 year note auction. The US debt market is unchanged to down about a basis point. The 10 year yield is at 1.6715%, unchanged on the day.