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European Central Bank’s (ECB) chief economist Philip Lane on Thursday said the euro’s exchange rate was not a policy target for the ECB, as reported by Reuters.

“It’s plausible that the impact of rate cuts on the euro exchange rate has intensified over time,” Lane further acknowledged.

The shared currency seems to be losing strength against its major rivals in the last hour. At the time of press, the EUR/USD pair was trading at 1.0995, losing 0.12% on a daily basis.