Once again, Europe is making headlines, and once again, the euro is on the move. Here's a way to trade the impact of all the tumult.

"There's a lot of headline risk coming out of Europe," says Willie Williams, director of global macro sales at Societe Generale. And he has no interest in trying to trade it. "The last few weeks have seen a lot of choppy price action, and that's a very tough way" to trade, he told CNBC's Simon Hobbs.

Instead, Williams is focusing on what the mess in Europe will mean. "Net net, I think it's going to have a negative impact on growth and risk appetite," he says, so he has a currency trade reflecting that view.

In particular, Williams wants to sell the Australian dollar against the yen. "Aussie is a high-beta player on global growth," he says, and with Chinese economic data indicating a potential slowdown, that's not good. Also, he points out, plenty of Australian companies get their financing overseas.

Williams likes selling the Aussie against the yen at 79.50 with a stop at 81.50 and a target of 74.00. "I like playing the growth side of story as opposed to the European political headline side of the story," he says.

You can watch the discussion on the videotape.

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