Jens Weidmann, outgoing European Central Bank (ECB) Governing Council member and Bundesbank President, said on Tuesday that the ECB should be wary of any pressure to maintain its very loose policy for longer than the price outlook dictates, per Reuters.

"The more broadly central banks interpret their monetary policy mandate, the more likely they are to become entangled in politics," Weidmann added.

Market reaction

The EUR/USD pair preserves its bullish momentum during the European trading hours and it was last seen rising 0.65% on a daily basis at 1.1363.