Societe Generale Research discusses the EUR outlook in light of yesterday's ECB policy meeting.
"The end of the ECB's bond-buying programme is clearly an important point in the history of the eurozone and the euro, post-crisis. But bond buying was only one of the two key ingredients to Mario Draghi's magic policy sauce. The other was negative rates and the combination was what was so potent in crowding investors out of European bonds and out of the euro itself.
In trade-weighted terms, the euro is already well past its worst levels, but a significant move higher against the dollar can wait a few more months," SocGen argues.