the most honest currency pair is always the dollar against the Swiss franc. in this respect, the euro always appreciates when there is currently no recognizable stress in the banking system. that is why the euro is in relatively good shape against the franc. but i think that will change soon.

TomK

econ

Asset managers see ECB cutting interest rates before the Fed

I would be curious to know how the euro is doing compared to the currencies of the EU's major trade partners? That's always the classic excuse- an attempt to weaken the currency to bolster trade. 