ECB's de Cos: Underlying inflation is now easing

"Based on the information available today and using a range of analytical tools, we can say that the interest rate level we have now reached, if maintained for a sufficiently long time, is broadly consistent with achieving our inflation target in the medium term," European Central Bank (ECB) policymaker Pablo Hernandez de Cos told Germany's Börsen-Zeitung on Friday, per Reuters.

He added that the underlying inflation in the Eurozone was now easing and said that it was too early to talk about interest rate cuts.

Market reaction

EUR/USD showed no immediate reaction to these comments and was last seen trading virtually unchanged on the day at 1.0655.