Risk off as folks around the world notice smelly brown stuff is building on the fan.
But one thing to note. Markets rise and fall in waves (two steps down the stairs one up, two down etc etc).
Note 1 month of the AUD (price as of 1 hour ago as I write this post) below.
Down then slightly up, further down etc. I expect* a small rally to the mid to high 1.05s then a leg down etc. I've also circled oversold indicators.
*The party pooper though, could be the Greek PM saying something really dumb this evening (Australian time).
Then, it could PLUNGE! And, all bets are off!
When the Greek PM (like Bernanke) speaks, he often sounds muffled.