The euro is once again trading with "risk assets". The chart below compares EUR-USD with the CRB Commodity Index. During the Eurozone-related periods of stress, the euro decoupled from commodities to the down-side (red arrows), but returned back to track the commodity index. Since the beginning of this year, the two have been moving in tandem again.
|UER-USD vs. the CRB Commodity Index (Bloomberg)
It is still unclear just how much the impending Eurozone recession will impact global growth. As the focus shifts from the Eurozone toward those global risks (that will impact commodity prices), the euro will trade as just another "risk asset". For now.