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“The European Central Bank (ECB) is considering PEPP extension by 12 months as one of the options,” the executive board member Isabel Schnabel said on Tuesday.

Additional comments

“ECB may consider the longer duration of favorable TLTRO rate.

“ECB isn’t obliged to do what markets expect from us.

“ECB stimulus should sustain, not ease financial stance.”

“Euro area Q4 economic contraction is very likely.”

“Stimulus must reflect more protracted pandemic crisis.”

EUR/USD off the highs

EUR/USD was last seen trading at 1.1975, adding 0.39% on the day, having hit multi-month tops at 1.1986 on risk-rally induced broad-based US dollar weakness. Focus on Eurozone Preliminary CPI release.