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European Central Bank (ECB) chief economist Philip Lane was out with some comments in the last hour, saying that a lot of the inflation rise now is the unwinding of downside shocks of last year.

Additional Quotes:

  • Supply bottlenecks causing price rise is not real inflation.
  • Does not see the environment in the euro area for persistent inflation.
  • The ECB still has a lot to do to raise inflation.

The comments did little to influence the shared currency, or provide any meaningful impetus to the EUR/USD pair, which remains at the mercy of the USD price dynamics. The pair was last seen trading around the 1.2185 region, up over 0.10% for the day.

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