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The inflation rate in the euro area is expected to be negative or very close to zero for the rest of the day, European Central Bank’s (ECB) Vice President Luis de Guindos said on Thursday, as reported by Reuters.

“The ECB is totally open to recalibrating measures,” de Guindos added and said that they don’t need to make a decision immediately on adjusting the Pandemic Emergency Purchase Programme (PEPP).

Market reaction

The EUR/USD pair edged higher in the last minutes and is currently trading at 1.1762, where it’s up 0.38% on a daily basis.