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European Central Bank (ECB) Governing Council member and head of the Austrian Central Bank, Robert Holzmann, on Tuesday said that he would currently not support an interest rate cut to help curb the coronavirus effects on the economy.

When asked whether a TLTRO was an option to help businesses hit by coronavirus outbreak, Holzmann said that it was definitely an area that will be under consideration but added there was no urgency at the moment.

EUR/USD reaction

The EUR/USD pair edged lower after these comments and was last seen trading at 1.1110, down 0.2% on the day.