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The European Central Bank (ECB) Governing Council member Yannis Stournaras said on Wednesday, the risks to the Euro area economic growth are tilted to the downside.

Additional quotes

“Expects ECB to use all of its PEPP envelope.”

“PEPP exit depends on the inflation outlook.”

“Any further extension of the bank dividend ban depends on the virus situation.”

Market reaction

Despite the cautious comments, EUR/USD challenges highs near 1.1730 amid a broadly subdued US dollar ahead of the key Fed outcome.