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“Lowering interest rates remains an option for the futures,” Isabel Schnabel, member of the Executive Board of the European Central Bank (ECB), said on Tuesday, as reported by Reuters.  

“Bond-buying is currently more effective than negative rates,” Schnabel added and noted that the QE has slightly reduced the wealth inequality in the euro area. “The Eurosystem holds about 9% of balance sheet in gold.”

Market reaction

The EUR/USD pair largely ignored these comments and was last seen trading at 1.1350, gaining 0.5% on a daily basis.

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