The euro dropped against all major reserve currencies on Tuesday, as members of the European Central Bank’s Governing Council are reportedly losing confidence in the ability of the Eurozone to return to growth.

A “significant minority” of the ECB’s Governing Council question official the accuracy of the ECB’s projection models, given a long track-record of downward revisions. Officially, the ECB’s growth projection is now 1.1%, down from 1.7% three months ago.

The ECB will not be hiking in...

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