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The coronavirus outbreak has increased the uncertainty about the global economic growth outlook, noted Isabel Schnabel, Member of the Executive Board of the European Central Bank, while speaking at the Barclays International Monetary Policy Forum on Thursday.

“The nature and properties of the shocks that have been hitting the euro area over the past few years require central banks to exercise more patience in reaching their inflation aim,” Schnabel added in her prepared remarks. “The exact nature of “medium term” which is an integral part of its definition of price stability – will vary over time.”

EUR/USD reaction

These comments were largely ignored by the market participants as they failed to provide fresh clues regarding the ECB’s near-term policy outlook. As of writing, the EUR/USD pair was up 0.55% on the day at 1.0940.