European Central Bank's (ECB) rate-setting committee member Olli Rehn crossed the wires in the last minutes arguing that it is important for the ECB to maintain its strong monetary stimulus. "The situation calls for an effective policy package in September," Rehn added.
A couple of weeks ago, Rehn said that ECB's Governing Council was determined to act if the medium-term inflation outlook continued to fall short of the ECB's aim. The data published by Eurostat today revealed that the core Consumer Price Index, which excludes volatile food and energy prices, stayed unchanged at 0.9% and fell short of the market expectation of 1%.
The EUR/USD pair didn't show a significant reaction to Rehn's remarks and was last seen trading at 1.1043, losing 0.11% on the day.
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