TD taking a view out to the September European Central Bank meeting, this in brief from a longer note:

  • downside risks to the Eurozone continuing to materialise
  • ECB will continue to debate and study how much further easing, and which type, is needed ahead of its meeting
  • markets are well-priced for a small depo rate cut, they're less certain about QE
  • any signals that odds of QE are rising could put further downward pressure on the EUR

(bolding mine)