When Europe sneezes, other markets get a cold. Just watch the Australian dollar.
After several big central banks got together to offer a lifeline to European banks, it seemed for a minute as if troubles in the euro zone might be lifting. What a difference a day makes.
Now Germany says it won't vote on a rescue fund until 2012, and new economic data from Greece is underwhelming - again.
"I think this is going to continue to put a great deal of pressure on the euro," Willie Williams, director of institutional derivative sales at Societe Generale, told CNBC's Scott Wapner.