Whoever said the New Normal would be boring, apparently never lived in a world in which one central bank crushing its key rate to a record low, would lead to the appreciation of its currency, and send the main competing currency, the USD, lower. And since we live in just such a world, we expect that when the ECB has to cut its deposit rate to negative next, people will line up around the block to pay the bank money so it can hold their deposits for them. In the meantime, the EURUSD squeeze continues, and the irony is that the move which is supposed to help Europe's export economies and push the currency lower is already resulting in further deterioration in Germany's growth dynamo industries.
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And just so it is not left out, the ECB's rate cut apparently also is very Yen negative.
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Sadly, this is what happens when one puts Atari 2600 in charge of the FX market.