S&P 500 futures were comfortably higher a couple hours ago but have turned negative as the euro hits a 20-year low.

The market is flagging risks of a eurozone or global recession. Natural gas prices in Europe continue to spike and the ECB is set to hike rates in July and September.

European stocks are leading the selloff with the Stoxx 600 down 0.5%, FTSE 100 down 1.1% and German DAX down 0.9%.

Right now the price action in FX is more-dramatic than anything happening in the stock market but that could change in short order.