After the plunge below parity to its lowest levels in nearly twenty years, the euro looks set to consolidate below the key level amid a more dire outlook with little to no positives working in favour of the currency at the moment.

Looking ahead today, the preliminary August PMI data is likely to cement those expectations and any downside miss could see the euro decline accelerate much more quickly. So far today, the changes among major currencies are light but the dollar remains in charge after the developments since last week.