The speed of EUR/USD's decline since the start of the year is causing investors to question the size, direction and catalyst for the next EUR move, notes BNP Paribas. Real yields should continue to move against the EUR: "The ECB’s quantitative easing programme exceeded the markets’ high expectations...So far, however, the follow-through from higher inflation expectations has been lacklustre, with the 5y5y breakeven inflation rate falling to around 1.60 after rising above 1.80 in the aftermath of the ECB announcement," BNPP adds. "Nevertheless, we would highlight that the move higher of this measure is likely to be ... (full story)