Euro Getting Pummelled

I  know the link between euro weakness and market weakness has gotten much weaker, but the weakness in the euro is sticking out like a sore thumb.  Down near its 52 week lows and off 1% today.  That is a big move in FX, and it tells me that risk is being taken off the table.  The hedge funds are having a field day today since they're favorite position right now is short euro.