The euro is tumbling amid Deutsche Bank worries


The euro is tumbling amid ongoing worries over Deutsche Bank.

The currency was down by 0.4% at 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 by 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,” Reuters reports. 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. 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.