The PHLX US Dollar Settled Currency Euro Index (.XDE) is seeing three times normal trading volume on increasing put volume. XDE, which is a cash-settled index equal to 100,000 euros, is down 1.62 to 145.16 after the euro continued its recent slide. The European currency fell to six-month lows of 1.44655 against the US dollar. The break of the 1.45 level seems to have triggered some defensive activity in the .XDE. 8,600 puts traded on the index, compared to 2,080 calls. The March and June puts with the 145 strike are the most actives, with some players perhaps selling premium on profit taking while others taking new positions on the view the woes for the euro could continue.