As well as the deleveraging/U.S. repatriation theme, the euro is also having to fend off increasing speculation that the ECB is preparing the ground for further rate cuts and possibly aggressive ones. Earlier today ECB’s Gonzalez-Paramo added further fuel to the fire when he stated that euro-zone inflation may fall quicker than expected and that economic growth is to moderate. EUR/USD has fallen to 1.3220 at writing, whilst EUR/JPY is down around 133.75.