TD on the European Central Bank - no major surprise. Now pessimistic on euro.

Analysts at TD are, pretty much like the market, shrugging off the European Central Bank on Thursday:

• Forexlive Americas FX news wrap: ECB cuts rates, US retail sales beat estimates

TD says there was no surprise from the ECB and that it took US data move the euro.

TD add, though, they cannot be optimistic on the EUR, citing fragmentation risks, lack of Eurozone economic growth.

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Certainly growth is problematic:

• The ECB is behind the curve and oblivious to it

More on the ECB here:

• Deutsche Bank expect faster rate cuts from the European Central Bank to come