EURUSD is 'weak' (under 1.2900) this morning, having given a week's worth of gains back in just 2 days as it appears (quite unsurprisingly) that even the core or Europe is now becoming embroiled in a total economic depression. While it seems unlikely that the much-discussed optimal-strategy of Germany leaving the EUR will occur before Merkel's re-election, we suspect there will be growing angst that their economic woes are due to their other European cousins. To wit, Germany's Industrial Production Capital Goods (just as we have also seen in the US) have fallen off a cliff in the last two months (almost -3 sigma); it has only been this bad twice in the last twenty years. Perhaps, we need to replace the youth unemployment records with German Capital Goods production as the 'new' scariest chart in Europe, since it seems the Money McBags of the disunion has mounting troubles of its own.
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(h/t Sean Corrigan of Diapason Commodities)