EUR review: Western Union

Quotes from Western Union:

- The euro slipped below $1.10 for a second straight day, its weakest level in more than 11 years. The starkly different outlooks for monetary policy in Europe compared to the U.S. have increasingly weighed on the euro to the benefit of the dollar. 

- Come Monday, the ECB will kick off its massive €1 trillion bond buying program which it plans to do in monthly installments of €60 billion. Although supportive of the growth outlook, the easier, lower rate policy should dilute the value of the euro and keep it biased lower for the foreseeable future. 

- A risk lying in wait for EUR buyers however is the nascent sense of optimism by the ECB chief this week who sketched a somewhat more upbeat outlook for the bloc. Although Mr. Draghi's tentative vote of confidence in the recovery hasn't helped erase much of the negativity associated with the euro, if recovery picks up, sooner or later signs of improving momentum in Europe would help pave the way to euro appreciation.