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In an interview with the Financial Times (FT) on Wednesday, the European Central Bank (ECB) Governing Council member Pablo Hernandez de Cos said that a 2% inflation target would bring clarity.

Key Quotes:

A simple point inflation target is good for me.

People currently have different interpretations of the ECB’s inflation target.

FX Implications:

The inflation objective continues to remain a key concern for the ECB policymakers, as the focus now shifts towards the speech by the ECB Chief Lagarde at 1215 GMT.

The shared currency continues to remain on the offers, as EUR/USD meanders near daily lows of 1.1033 ahead of the Eurozone Services PMI data.