The euro is tumbling amid Deutsche bank worries

The
euro is tumbling amid
on-going worries over Deutsche Bank.
The currency is down by 0.4% at a 1.1175 against the dollar as of 7:38 a.m. ET.

Hedge funds are reportedly dumping the troubled German lender, and its shares are tanking.

And European bank stocks are in the red amid fears of a collapse of the bank. Commerzbank Bank, Germany’s second largest bank behind Deutsche Bank, is down about 6%.

As for the rest of the world, here’s the scoreboard as of 7:48 a.m. ET:

  • Relatedly, traders were earlier buying into the Swiss franc, a safe-haven currency. But it dipped back down on speculation that the Swiss National Bank “was perhaps intervening to cap the currency’s strength,” reports Reuters. The currency is down by 0.8% at 0.9736 per dollar.
  • The US dollar index is up 0.3% at 95.82 ahead of a bunch of data: Personal income and spending will be released at 8:30 a.m. ET before Chicago PMI and University of Michigan consumer confidence cross the wires at 9:45 a.m. ET and 10 a.m. ET, respectively.
  • The Japanese yen is down 0.2% at 101.19 per dollar after consumer prices in Japan dropped for the sixth straight month. Core consumer prices were down 0.5% year-over-year in August.
  • The British pound is little changed at 1.2976 against the dollar after the UK’s economy expanded by 0.7% quarter-over-quarter in the second quarter thanks to strength in the production and service sectors, according to the final figures released by the Office for National Statistics.
  • The Russian ruble is down by 0.2% at 63.1807 per dollar.

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