ECB President was very clear. There is yet no sign of growth in Europe and worst, a risk of deflation. Refi interest rate has been lowered, and even on the deposit rate, ECB decided to go to a negative rate, like BoJ did in the past.
One can think that money withdrawn from the saving accounts would go on the market, but the market is very week, with no growth...
The round has been won by those who thought that ECB will intervene, and mechanically EUR loose ground against USD.
ECB either intervene next June 4th by lowering interest rate or announcing a QE and EUR will continue to loose ground against USD and the phenomena would face an impetus when FED raised its interest rate, or if it keep its schedule with regard...