And just like that the euro is at the worst levels since 2003 as it quickly cut through both the 2022 low of 1.0350 and the 2017 low of 1.0340. The low so far is 1.0335.

EURUSD chart July 5

Parity is the next level of meaningful support.

The move in EUR/USD is lending a broad bid to the US dollar .

There's no obvious catalyst for the move in the euro but a few things are being cited:

German bunds are bid, with yields down 7.2 bps compared to flat trading in US Treasuries, though that could change when US traders return from holiday in a few hours.

EUR/CHF has broken parity and the Swiss National Bank looks to be out of the game

European benchmark natural gas prices are up another 6.3% and at the highest since the brief March spike. There are growing fears that Russia will cut off the continent, ensuring a brutal winter and the collapse of some industries.