The CRB index is 2.1% lower in afternoon trade as the usual European woes and fresh fears of a Chinese hard landing undermine demand for commodities.

Oil us down 2%, copper is down 3.4%, grains, sodts, all are lower. Only Nickle, Aluminum and live cattle are higher on the day…all other 16 components are lower.

That’s a pretty clear risk-off sign., suggesting EUR/USD could wea-away at the bids in the 1.3585/90 area as the afternoon passes.