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European Central Bank’s rate-setting committee member Olli Rehn crossed the wires in the last minutes reiterating that a significant degree of monetary stimulus was still necessary.  

“Stimulus is needed to ensure that financial conditions remain very favourable and to support euro area growth and domestic price pressures,” Rehn explained. “The Governing Council is determined to act if the medium-term inflation outlook continues to fall short of the ECB’s aim.”

The EUR/USD pair edged slightly lower on these remarks and was last seen trading at 1.1092, where it was virtually unchanged on a daily basis.