The sharp drop in EUR/USD from above 1.3420 to 1.3360 has had an impact on all the so-call “risk” currencies. AUD/USD dipped around 40 pips making fresh lows for the day. USD/CAD jumped 40 pips off its lows whilst JPY crosses were generally hammered across the board. In the fall continues in EUR/USD then this move could turn into a fully blown risk aversion move bringing commodity and stocks into play.