The Euro gained some ground in the last month, having appreciated by 2 cents. It has since stabilized at a level slightly below the highs last seen in May. Economists at the National Bank of Canada analyze EUR outlook.

Data is starting to show that the overarching economy is losing steam

The common area currency has been lifted by a still hawkish central bank, but data is starting to show that the overarching economy is losing steam. 

Overall, we see the Euro weakening as policy expectations evolve and with some risk-off USD appreciation.