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In an interview with Boersen Zeitung, European Central Bank (ECB) Governing Council member Olli Rehn said that further monetary stimulus is needed until there is an improvement in economic and inflation prospects, per Reuters.

The EUR/USD pair, which has been moving sideways in a tight range below the 1.13 mark, posted small losses following these comments but couldn’t make a decisive move amid thin trading conditions and was last seen trading at 1.1280, where it was virtually unchanged on a daily basis.