Greg Gibbs, founder, analyst, & PM at Amplifying Global FX Capital Pty Ltd explained that the EUR has struggled since the ECB meeting last week, despite a surprise removal of an easing bias.
"It has failed to benefit much from a fall in the USD against most currencies in a risk-on move following the US labor data.
Eurozone economic momentum has eased in recent surveys, and this is reflected in new lows in the EUR/USD short, long and real yield spreads.
Furthermore, inflation expectations have eased in the Eurozone, and its equity market has underperformed recently. US protectionist rhetoric has become more focused against the Eurozone."