Investors have already started to think about the next likely phase of the present crisis, and it appears that all they are finding are new reasons to sell the euro. Aggressive fiscal tightening by Greece, Spain and Portugal are likely to plunge their economies back into recession. All else being equal, this calls for a looser monetary policy.

—David Woo, global head of foreign-exchange strategy at Barclays Plc in London

It is fairly clear that not only Greece but several other countries in Southern Europe are probably going to be forced to take fairly severe fiscal contracts. That combined with already weak growth makes it very unlikely that the ECB is going to be in a position to hike rates.

—Ron Leven, currency strategist at Morgan Stanley in New York