"Inflationary pressure over the policy-relevant horizon has been dampened further as some of the previously identified downside risks to the euro-area growth outlook have materialized.”;
"Economic growth in the euro area continues to remain weak, with heightened uncertainty weighing on confidence and sentiment." (h/t BusinessWeek)
EUR/USD might be headed towards the lower bound of the descending channel on the chart (eventually). It needs a strong positive catalyst at this point to turn it around. Austerity measures and the sovereign debt and banking crisis are putting a cap on growth and inflation in the euro zone. The September E-mini S&P future is trading at 1325.75, -0.79%.