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European Central Bank (ECB) Governing Council member Klass Knot crossed the wires in the last minutes arguing that the ECB does not need to resume the Quantitative Easing (QE) program at this time, per Bloomberg.

Knot  further added that the market expectations for the ECB’s September decision were “overdone.”The ECB  should keep the powder dry  on QE  in case of new shock.”

With the initial reaction, the shared currency gathered strength against its rivals and the EUR/USD pair was last seen trading at 1.1085, adding 0.07% on the day.