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 European Central Bank  (ECB) chief economist Philip Lane crossed the wires in the last öinutes arguing that the ECB’s latest decision was not a dramatic policy but a recalibration and added that it was important for the bank to respond to a significant deviation of inflation from the target.

“The weakness in Germany is a result of concentration in manufacturing, not a reflection of broader problems,” Lane said.  

The EUR/USD pair was last seen trading at 1.0947, adding 0.25% on the day. However, this move seems to be a product of the renewed selling pressure surrounding the Greenback following the mixed macroeconomic data releases.