There's still a threat that the ECB could cut rates that undermines the euro. The fundamentals in the U.S. have deteriorated -- that undermines the dollar. So, it's trapped for the moment in a range,

You've got to put this in context, ... I think they (the critics) would be more worried if the euro had gone up 12 percent instead of fallen 12 percent (from its launch level). We've got everyone trying to manipulate a weaker currency, but when you've actually got one, it's criticized.

Can interest rates shore up the euro? Not so far,

These are horrendous numbers that put the equation in stark relief for the Fed. They have to cut rates by 25 basis points [one-quarter percentage point] in October, and the debate could swing to a 50 basis point cut.

The euro will probably be the weakest among the three major currencies, given the economic fundamentals.

After the accession to the euro zone, interest rates declined substantially in Portugal.