Think this had anything to do with Mario Draghi's shift to the extended period language last week?

German exports fell more than analysts expected in May, down 2.4% in May from April and 3.2% from May of 2012.

The immediate reaction to Draghi's change in language was to sell the Euro and with this report on German exports, I think we now know why the change was made. Germany and its exports are about the only thing holding up the European economy and with the Yen falling, China slowing and southern Europe no longer able to afford a BMW, those exports are at risk. And if German exports are at risk the rest of Europe is in deep, deep trouble. Economists have been telling us since the beginning of the European crisis that the PIIGS can't recover without the ability to devalue. We might be about to find out if devaluation is the panacea so many seem to think it is.