ECB's Rehn: Below-target inflation warrants accommodative monetary policy

The European Central Bank (ECB) Governing Council member, Olli Rehn crossed the wired in the last hour saying that the Euro area inflation remains below the target level for price stability and warrants accommodative monetary policy.

Key Quotes:

• Monetary policy stance supports our pursuit of price stability.
• Also fosters conditions that are favourable to growth and employment.
• The outlook remains more or less unchanged compared to September ECB staff macroeconomic projections, owing to global economic uncertainties.

The comments did little to influence the shared currency or provide any meaningful impetus to the EUR/USD pair, which was last seen trading near the lower end of its daily trading range.