The latest Baltic Dry index, a measure of cost to ship dry bulk around the world, just hit a all time low. Too many ships, too little global demand.
Most analysts see this as a china recession effect.
which also matches up with the crash in all commodities.
weak global trade, weak growth in Europe, Japan, USA, recession in EM/China has dried up global liquidity.
add on top of this toxic brew is Fed vs. ECB causing more Euro weakness.
so currently, like I suspect for over a year now, is the anaomaly that shows up in FX forward market.