The "EUR weak and weaker," says the TD Securities Research Team in a recen paper. "Apparently our models don’t understand the weakness in EUR/USD, but common sense certainly does."
"We’ve seen EUR/USD hit new two-year lows over the last week after the ECB cut is policy rate again, and markets focused on the implications of a zero deposit rate for the
Eurozone," TD Sec. continues.
"With EUR/USD now having made it below 1.22, it’s creeping closer and closer to the June 2010 low (in the first wave of Greek panic) of 1.1877, which at that time was a 4yr low," TD Securities concluded.