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European Central Bank (ECB) Governing Council member Paolo Hernandez de Cos on Tuesday said that interest rates were  expected to stay at low levels for longer in many countries, per Reuters.

“In the current global macroeconomic context, banks’ low profitability and appetite for risk-taking are among the main challenges for lenders,” de Cos explained. “Slowing global economy and geopolitical uncertainties could have an impact on financial stability in Spain.”

As of writing, the EUR/USD pair was posting modest daily gains above the 1.1050 mark.