Based on the empty macroeconomic calendar, the market was expected to continue consolidating near previously established levels. Only unexpected events could add some variety to the course of trading—and that's precisely what happened. The European Central Bank warned of a high risk of a debt crisis in the Eurozone, which investors interpreted as an assurance of further interest rate cuts. This comes despite the recently rising inflation and the significant monetary policy easing during the past two ECB meetings. Unsurprisingly, the euro has once again turned downward.

The situation remains similar today, as the macroeconomic calendar is again devoid of significant events. However, several ECB officials are scheduled to speak. They could expand on yesterday's statements and directly address the necessity of further interest rate cuts, leading to even more significant weakness for the euro.