Deutsche Bank worries drop the euro

Risk trades are suffering and the euro has given up nearly all of today's gains.

The yen is broadly bid as a flight-to-safety takes place.

At this point, I think the stock market is overstating this problem while EUR/JPY (and the euro in general) has a much more measured view.

This is a few clients taking away a bit of cash. Yes, there are problems at Deutsche Bank but it's had problems for awhile.

Technically, there is some support at 113.00 and more at 112.50. I think we're more likely to see 114.00 before we get to the bottom of that range but there's no rush to fade this move. Give the market a few hours to find a footing.