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The gradual deterioration of EUR/USD continues at slow, yet steady pace. The slightly worse than expected ISM non manufacturing PMI did not really help.

EUR/USD is now trading below the round number of 1.37, at the lowest level since early March, when Draghi sent the pair higher. — more coming

At the moment this is only a dip into deeper ground, and not a thrust threw this level. The road is long. Update: after reaching 1.3697, the pair is back above 1.37. So far, this is a fakeout and not a breakout.

What did Draghi say? He raised his rhetoric regarding the exchange rate, the readiness to act and a potential move: QE and a negative rate were both discussed. Here the full coverage of Draghi.

The lack of action did help the euro at first, but after touching 1.38, the pair changed course.