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Ahead of the European Central Bank (ECB) President Christine Lagarde’s speech, the Governing Council member and Bank of France Head Francois Villeroy de Galhau crossed the wires, via Reuters, with the key quotes found below.

“We will keep favouable monetary conditions as long as necessary.”

“We are closely following the negative effects of the euro exchange rate.”

EUR/USD back below 1.2200

EUR/USD saw a quick drop below 1.2200 on the above comments, now trading around 1.2191, losing 0.13% on the day.