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Isabel Schnabel, a member of the Executive Board of the ECB, noted on Tuesday that some short-term economic indicators are now starting to look better but reiterated that they are expecting the recovery to be slow.

“When the situation in markets calms down, of course, we will reduce PEPP purchases,” Schnabel added. “We could stop bond purchases even before the envelope exhausted if the situation improves enough but could also expand if the situation worsens.”

Market reaction

The EUR/USD pair edged slightly higher in the last minutes and was last seen trading at 1.1222, losing 0.15% on a daily basis.