Sellers initially hit the Euro because European Central Bank President cited in its last statement earlier in the month that because of the deterioration in the external environment, the ECB was forced to nudge down its economic forecasts, opening the door for a potential increase of quantitative easing. Today’s bearish news from China may mean the ECB may be forced to alter the duration, composition, or size of QE. This essentially means the central bank may be forced to follow the Fed and Bank of Japan with a second round of QE.